Question 1

Based on the following table.

	Bid	Ask
EURUSD 1M FWD	7.05	7.34
EURUSD 2M FWD	14.99	15.15
EURUSD 3M FWD	22.57	23.05
EURUSD 4M FWD	30.25	30.55
EURUSD 5M FWD	38.03	38.43
EURUSD 6M FWD	45.91	47.2
EUR/USD Spot	1.1212	1.1223

What is the average annualized forward premium/discount for the EUR if you use the 1M forward contract (Format for answer: X.XXX% or X.XXX%)

=_______________.

Question 2

Based on the following table.

Instrument	Bid	Ask
USDJPY 1M FWD	-3.14	-2.9
USDJPY 2M FWD	-6.22	-5.82
USDJPY 3M FWD	-9.78	-9.18
USDJPY 4M FWD	-13.17	-12.37
USDJPY 5M FWD	-16.39	-15.39
USDJPY 6M FWD	-20.44	-19.24
USDJPY Spot	105.188	105.265

What is the average annualized forward premium/discount for the JPY if you use the 1M forward contract (Format for answer: X.XXX% or X.XXX%)

=_________________.