The pound has always been priced in dollars, so it is a direct quotation for Bank of America. The 90-day forward spread is quoted in points, and the latter number is greater than the previous one. Therefore, when calculating the forward exchange rate, we should add some points to the spot exchange rate, that is, the forward exchange rate is 1.8625/ 1.8645. Therefore, the USD10000 =10000 *1.8645 =18645 USD is required to buy 90-day forward sterling.