Suppose that the British pound is pegged to gold at 6 per ounce, whereas one ounce of gold is worth 12. Calculate the possible gains if you have 3,000 to trade if the British pound trades for 1.60. (a) Is the British pound overvalued or undervalued if it trades for 1.60? (5 points) (b) Show the steps to make these profits if you are a trader. (Please state your transactions clearly: buy which currency/asset and sell which currency/asset at which price). (Assume zero shipping costs).