In finance, a forward contract or simply a forward is a non-standardized contract between two parties to buy or to sell an asset at a specified future time at a price agreed upon today, making it a type of derivative instrument.n a currency forward, the notional amounts of currencies are specified (ex: a contract to buy $100 million Canadian dollars equivalent to, say $114.4 million USD at the current rateâthese two amounts are called the notional amount(s)).
The moon's 29.5 day synodic month was the basis of lunar calendars throughout the course of history. While a lunar calendar was convenient, it presented an immediate challenge: Compared to the solar year of 365 days, a lunar year lasts an average of 354 days. Some groups decided to ignore this discrepancy.
As the Sun sets, the Moon rises with the side that faces Earth fully exposed to sunlight (5).The Moon has phases because it orbits Earth, which causes the portion we see illuminated to change. The Moon takes 27.3 days to orbit Earth, but the lunar phase cycle (from new Moon to new Moon) is 29.5 days. The Moon spends the extra 2.2 days catching up because Earth travels about 45 million miles around the Sun during the time the Moon completes one orbit around Earth. At the new Moon phase, the Moon is so close to the Sun in the sky that none of the side facing Earth is illuminated (position 1 in illustration). In other words, the Moon is between Earth and Sun. At first quarter, the half-lit Moon is highest in the sky at sunset, then sets about six hours later (3).