Assume today is the 15 March 2020 and you are a member of Purple Team. Your in- house economist has undertaken a comprehensive analysis of the current economic environment and has provided you with an end of quarter (for June 2020) forecast as presented in Table 1 below. You have a very high level of confidence in this forecast. Table 1 - Forecast Movement in Yields Start Of Qtr End Of Qtr 15 March 2020 14 June 2020 DB21 5.20% 5.67% DB23 5.95% 6.20% DB25 6.30% 6.70% DB30 6.65% 6.68% Assume you have already decided how to raise the $100m to lend to APA. Now you decide to change the mix of CP3M, DB21, DB23, DB25 and DB30 in your portfolio to take advantage of the forecast movement in yields over the next three months. You are permitted a maximum of 2 transactions to do this. These transactions are limited to issuing or buying back DB21, DB23, DB25 and DB30. Note: The game begins on 15 March 2020 with an advance of $100m to A Port Authority to be repaid over 8 years. Bond coupons and fixed swap payments occur in March and September. You may need to draw on information from the following documents ('Gamebook Final Exam', and Various Game Information') which you will find in QUESTION 1. The document 'Berkshire Team Performance Report' is not relevant to this question. You will find rates, prices and modified duration in the Gamebook. Required: (a) [2 marks] Detail the maximum of 2) transactions that you would undertake on behalf of Purple Team by providing the following details for each transaction: security (DB21, DB23, DB25 or DB30); issuing or buying yield %. (b) [5 marks] Provide a detailed explanation of why you are proposing the transaction/s in (a). (c) [3 marks] Assume that you wanted to maximise the face value of the transaction/s in (a), subject to the usual constraints and limits imposed by the game rules. How would you determine the maximum value of the transaction/s? Make sure you clearly label your answers with (a), (b) and (c)