About three years ago, the following spot and forward rates for the British pound ($/£) were reported:

Spot......... $1.525

30-day forward...... $1.522

90-day forward...... $1.520

180-day forward.... $1.514

a. Was the British pound selling at a discount or premium in the forward market?

b. What was the 30-day forward premium (or discount)?

c. What was the 90-day forward premium (or discount)?

d. Suppose you executed a 90-day forward contract to exchange 100,000 British pound into U.S. dollars. How many dollars would you get 90 days hence?