1(23 points) A manager of a corporation based in U.S. is expecting to receive 1,000,000 UK pounds in 1 year from corporation's UK client. At that time the manager is planning to exchange UK pounds for US dollars. Current market rates are as follows: U.S. 1-year interest rate is 6% per annum, UK 1-year interest rate is 4.5% per annum, the spot price of UK pound is $1.55, the forward price of UK pound is $1.56. Assume discrete compounding. (a) What is the synthetic forward price of UK pound? (11 pts) (b) Given the rates above what should the manager's actions be if the goal is to lock-in future US dollar revenue at the best possible exchange rate? Describe the strategy in detail, show your calculations. (12 pts)