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Because the forward rate in respect to dollars in higher than the spot rate, the dollar is trading at a premium, not a discount.
The U.S. dollar is trading at a premium in the forward market, but it is not a premium of 0.025%.
This answer is the effect on the 90-day period given in the two rates. In order to calculate the annual effect, we will need to multiply this by 4.
Because the rates given are for 90 days only, in order to calculate the annual effect, we will need to calculate the effect for 90 days and then multiply that result by 4. In annual terms, the premium is calculated as: [((123-120)/120) × 4] = .10. This represents a 10% premium of the U.S. dollar in the forward market.