Q1i) The spot exchange rate between the dollar and the Swiss franc (CHF/USD) is 0.9500 0.9580. A speculator believes that the Swiss franc will appreciate, and so buys CHF1 000 000. Two days later, the exchange rate turns out to be 0.92000.9280. Ignoring the interest rate factor, answer the following questions: (a) What will the speculator do? (b) How much profit will the speculator make? (c) Assuming that the speculator could buy and sell at the mid-rates, calculate the profit/loss in this case. Comment on your results.