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來源: 正保會計網校編輯：正保會計網校 2019/12/25 13:50:44　字體：大小

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Park Co is based in a country whose currency is the dollar （$）. The company regularly imports goods denominated in euro（€）and regularly sells goods denominated in dinars. Two of the future transactions of the company are as follows:

Three months:	Paying €650,000 for imported goods
Six months:	Receiving 12 million dinars for exported capital goods

Park Co has the following exchange rates and interest rates available to it:

	Bid	Offer
Spot exchange rate （dinars per $1）:	57·31	57·52
Six-month forward rate （dinars per $1）:	58·41	58·64
Spot exchange rate （€ per $1）:	1·544	1·552
Three-month forward rate （€ per $1）:	1·532	1·540

Six-month interest rates:
	Borrow	Deposit
Dinars	4.0%	2.0%
Dollars	2.0%	0.5%

The finance director of Park Co believes that the upward-sloping yield curve reported in the financial media means that the general level of interest rates will increase in the future, and therefore expects the reported six-month interest rates to increase.

What is the future dollar value of the dinar receipt using a money market hedge?

A $197,752

B $201,602

C $208,623

D $210,629

【解析】

題目說的是六個月后收到外幣dinars，那么我們要做的就是現在借入外幣dinars，本息和正好等于要收的錢12 million，所以要借入的錢×（1+4%）=12million dinars，可得要借入dinars是11538461.5；

然后把借入的dinars換成本幣美元，賣出dinars買美元，現貨市場美元的買入價57.52，所以美元是11538461.5/57.52=200599.12；

拿著這些美元在本國市場投資,200599.12×(1+0.5%)=201602.

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