Midland Bank (a UK Bank based in London) expects that the Singapore dollar (SGD) will depreciate again the British Pound Sterling(GBP) from current spot rate of 1 SGD = 43 GBP to 1 SGD = 42 GBP in 60 days. The following interbank lending and borrowing rates exist: Currency Lending Rate (annual) Borrowing Rate (annual) Pound Sterling (GBP) 7.0 % 7.2 % Singapore Dollar (SGD) 22.0 % 24.0 % Midland bank is planning to borrow 10 million Singapore dollars from the interbank bank market and then invest the funds in the pounds for 60 days. Calculate profit or loss made by Midland bank and answer the following question Select one: a. Midland land bank will neither make a profit nor a loss = zero profit b. It is a good strategy because Midland bank will make a profit O c. None of these d. It is a bad strategy because Midland bank will make a loss