Page 202 deals with currency forwards and page 224 deals with currency futures. Both use the same formula: Future = Spot * (1+Domestic Rate)^t/(1+Foreign Rate)^t The Professor’s Note on page 202 says “This is different than the way we discussed interest rate parity in Study Session 4…” and goes on to explain that SS4 is different because it uses indirect exchange rates. The Note on page 224 says “You should recognize this as the equation of interest rate parity from Study Session 4…” and then explains that that SS4 is the same because it uses direct exchange rates. These notes seem to contradict each other, am I missing something?