$13.$ The one$-$year interest rate is $12\mathrm{.}2\%$ on the dollar and $2\%$ on the pound sterling.

Also, the current spot rate is $$1\mathrm{.}443=1$ and the one$-$year forward rate is $$1\mathrm{.}523=$

$1.$ These numbers represent an opportunity for covered interest arbitrage. What is

the arbitrage profit in terms of a percentage?

Select one:

a$.3\mathrm{.}12\%$

b$.1\mathrm{.}11\%$

C$.4\mathrm{.}31\%$

d$.2\mathrm{.}25\%$