Jasper Pernik Is a Currency Speculator Who Enjoys "Betting" on Changes

question 48

Multiple Choice

Jasper Pernik is a currency speculator who enjoys "betting" on changes in the foreign currency exchange market. Currently the spot price for the Japanese yen is ¥129.87/$ and the 6-month forward rate is ¥128.53/$. Jasper thinks the yen will move to ¥128.00/$ in the next six months. Jasper should ________ at ________ to profit from changing currency values.

• A) buy yen; the forward rate
• B) buy dollars; the forward rate
• C) sell yen; the forward rate
• D) There is not enough information to answer this question.

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Definitions:

Obligor

A person or entity legally obligated to provide a benefit or payment to another in a contract.

Assignee

An individual or entity to whom rights or responsibilities are legally transferred from another.

Novation

The act of replacing an old obligation with a new one, substituting a new party for the original party, or changing the terms of an existing obligation.

Delegation

The assignment of authority and responsibility to another person to carry out specific activities while retaining the ultimate accountability.