The 3 month forward rate between Brtitish pound and Swiss franc is 0.50/SF. A speculator predicts the spot rate in 3 months to be 0.49/SF and has 1,000,000 for speculation. Should the speculator: a) sell the British pound forward? b) or sell the SF forward? If the prediction proves correct, how much is his profit or loss? If the prediction is wrong and actual spot in 3 months is 0.52, how much is his profit or loss?