【每日一练】ACCA F9（ June 2015）
Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.
Each question is worth 2 marks.
An investor plans to exchange $1,000 into euros now, invest the resulting euros for 12 months, and then exchange the euros back into dollars at the end of the 12-month period. The spot exchange rate is €1·415 per $1 and the euro interest rate is 2% per year. The dollar interest rate is 1·8% per year.
Compared to making a dollar investment for 12 months, at what 12-month forward exchange rate will the investor make neither a loss nor a gain?
A €1·223 per $1
B €1·412 per $1
C €1·418 per $1
D €1·439 per $1
Answer：
C
Twelve-month forward rate = 1·415 x (1·02/1·018) = €1·418 per $1
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