A straight forward par 5 with a generous fairway, not too difficult.

五杆洞，大直路加上阔球道，难度不高。

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If the forward rate is on the same level as the spot rate, they are known as at par.

如果远期汇率低于即期汇率，其差额叫做贴水。如果远期汇率等于即期汇率，叫做平价。

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And when analyzing the stock through valuation ratios, this specialty retailer with shares trading at 14.5x 12-month forward earnings, on par with its peer group average.

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He moved the ball forward and his third left him eight foot from the hole, making the putt for a valuable par.

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