The 3-month forward rate dollar($)/sterling() is currently $ 1.33/. Based on your analysis of the exchange rate, you are quite confident that the spot exchange rate will be $ 1.31/ in 3 months' time. Assume you want to speculate on the $/ spot rate by buying or selling 5m (millions) in the forward market. Required: (i) Explain how you could speculate in the forward market and calculate your expected $ outcome from the speculation. (ii) Calculate your speculative $ outcome if the spot exchange rate actually turns out to be $ 1.36/. (iii) Illustrate both speculative outcomes in a payoff diagram