2) Forward exchange rates under no-arbitrage

a) Solve for the five-year forward AUD/JPY exchange rate under no-arbitrage if the spot exchange rate is 80 yen per Australian dollar, and the five-year risk-free interest rates in Australia and Japan are 4% and 6% per annum, respectively.

b) Choose a forward exchange rate that is greater than the no-arbitrage exchange rate you found in (a), and describe the arbitrage strategy you would use to exploit this situation. Calculate your profits from arbitrage, assuming you're able to borrow or lend 1,000 units of any given currency.

c) Choose a forward exchange rate that is lower than the no-arbitrage exchange rate you found in (a), and repeat the steps in (b).

d) Forwards and futures exist on cryptocurrencies like Bitcoin. Would you calculate forward prices on these contracts (as if Bitcoin was a stock), or forward exchange rates (as if Bitcoin was a currency)? Why? Can you support your answer with research?