11 a. Suppose that the treasurer of IBM has an extra cash reserve of $100,000,000 to invest for nine months. The interest rate is 10 percent per annum in the United States and 8 percent per annum in Germany. Currently, the spot exchange rate is 1.05 per dollar and the six-month forward exchange rate is 0.98 per dollar. The treasurer of IBM does not wish to bear any exchange risk. Where should he/she invest to maximize the return? [2 Marks) b) Do you find any deviation of IRP here. If so explain the possible reasons?[1 Mark] c) Indicate the head and shoulders signal.[1 Mark]