For the next three months, your company wants to invest $$25,000,000$ in cash. T$-$bills in the U$.$S$.$ are paying $5\mathrm{.}51\%$ per annum and the British equivalent is paying $5\mathrm{.}28\%$ per annum. The current spot rate is $1$USD$=0\mathrm{.}786100GBP,$ and the corresponding forward rate is $1$USD$=0\mathrm{.}794700GBP.30$ points...show all calculations for maximum credit$)$

A$.$ Where should you invest to earn more and what is the net difference in earnings? $(15$ points$)$

B$.$ What is the equilibrium forward exchange rate that would make the GBP earnings the same as the US$?(12$ points$)$

Did the USD appreciate or depreciate over this period? $(3$ points$)$