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The spot rate is BRL 5/$, and the 3-year forward exchange rate is BRL 4/$. The...

The spot rate is BRL 5/$, and the 3-year forward exchange rate is BRL 4/$. The forward premium or discount on the BRL is:
a. -10.00%
b. -6.67%
c. +12.50%
d. 8.33%

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