a$)$ An investor expects the spot exchange rate in June will be $$\frac{0\mathrm{.}06735}{M}xN.$ What

speculative position would the investor enter into to profit from his market view? What

would be the total profit or loss if the investor's expectation is realized in June and he

takes a position in three contracts?

b$)$ If the investor expects the spot exchange rate in June to be $$\frac{0\mathrm{.}4534}{M}xN,$ solve the

questions in part a$)$ again.