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.