Describe the distribution of yen profits or losses from


Suppose the rate of appreciation of the dollar relative to the yen over the next 90 days is normally distributed with a mean of -1% and a standard deviation of 3%. Use a spreadsheet program to graph the distribution of the future yen–dollar exchange rate. If the current spot exchange rate is ¥99 / $, and the 90-day forward rate is ¥98.30/ $, describe the distribution of yen profits or losses from selling $5,000,000 forward.

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Financial Management: Describe the distribution of yen profits or losses from
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