Forward Speculation The current spot exchange rate is $ 1.93/pound and the three-month forward rate is $1.90/pound. On the basis of your analysis of the exchange rate, you are pretty confident that the spot exchange rate will be $1.91/pound in three months. Assume that you would like to buy or sell British Pound for the amount of 1,000,000 pounds. What actions do you need to take to speculate in the forward market? What is the expected dollar profit from speculation? What would be your speculative profit in dollar terms if the spot exchange rate actually turns out to $1.86/pound? (8 points)