James Green trades currencies for Bank of America in New York. He dedicates most of his time on US dollar/GBP cross-rate. The current spot rate is $1.02/GBP. After careful research, he has decided that the Great Britain Pounds will appreciate against the US dollar within 90 days to approximately $1.19/GBP. The following options on the GBP is available: Option Strike Price Premium Put $1.11/GBP $0.000051/GBP Call $1.11/GBP $0.000782/GBP 1a) Should James buy a put on GBP or a call on GBP? 1d) Using the answer from question (1a), what is James' gross profit and net profit (including premium) if the spot rate at the end of 90 days is $1.36/GBP? 1e) Illustrate an appropriate graph which depicts your answer from question (1a) and the spot rate from question (1d)