Question 4. (1000 words maximum, 30 marks in total) a) A US investment firm receives an invoice of 200,000 from a UK consulting firm. The spot rate of pound when the invoice was received was $1.50. The invoice should only be paid six months from now. Forecasted spot rates six months from now are given as below: Forecasted rate Probability $1.43 0.20 $1.46 0.70 $1.52 0.10 The six-month forward rate is $1.47. A call option on pounds that expires in six months has an exercise price of $1.48 and a premium of $0.03. A put option on pounds that expires in six months has an exercise price of $1.49 and a premium of $0.02. c) Critically discuss whether the emergence of cryptocurrencies can disrupt the international monetary system (10 marks)