Suppose that three months have passed, so it is August 15, 2000. You are given the following data:

Maturity Date	Z(0,T)
Nov 2000 (3 months)	0.9844
Feb 2001 (6 months)	0.9690
May 2001 (9 months)	0.9531
Aug 2001 (12 months)	0.9386

Now consider November 15, 2000

a. What is the value of the forward agreement now? Round to the nearest cent.

b. What is the six-month spot rate (semi-annually compounded) now? Round to four digits after the decimal.

c. What is the cash flow in May 2001 if you invest $100 at the spot rate in Nov. 2000? Round to the nearest cent.

d. What is the cash-flow in May 2001 if you invest $100 using the original forward rate agreement? Round to the nearest cent.

Maturity Date	Z(0,T)
Feb 2001 (3 months)	0.9848
May 2001 (6 months)	0.9692
Aug 2001 (9 months)	0.9545
Nov 2001 (12 months)	0.9402