Suppose that USD/sterling spot and forward exchange rates are as follows:
$$
\begin{array}{ll}
\hline \text { Spot } & 1.5580 \\
\text { 90-day forward } & 1.5556 \\
\text { 180-day forward } & 1.5518 \\
\hline
\end{array}
$$
What opportunities are open to an arbitrageur in the following situations?
(a) A 180-day European call option to buy $£ 1$ for $$\$ 1.52$$ costs 2 cents.
(b) A 90-day European put option to sell $£ 1$ for $$\$ 1.59$$ costs 2 cents.