3. It is known that the market interest rate in London is 8.5%, the market interest rate in new york is 6%, and the spot exchange rate of US dollars in London foreign exchange market is GBP 1=USD 1.5370. According to exchange rate parity, commodities with high spot interest rate are forward discounted (depreciated). In this case, the interest rate of pound is high, and the forward depreciation rate is consistent with the spread. The forward exchange rate is GBP 1 = USD1.5370 * (1-2.5%/4) =1.5274. Namely: (1.5370-1.5274) *10000.