You are a currency trader considering covered interest arbitrage between the U$.$S$.$ dollar $($USD$)$ and the euro $($EUR$)$ for a $3-$month period. The following data is available:

Spot exchange rate $(S_e)$:$1$ EUR $=1\mathrm{.}1038$ USD

$3-$month forward exchange rate $($F$)$: $1$ EUR $=1\mathrm{.}0896$ USD

Interest rate in the U$.$S$.($i$,)$: $3\%$ per annum

Interest rate in the Eurozone $(i_2)$ : $1\%$ per annum

Transaction size: $63,000,000$

You need to determine if there is an opportunity for covered interest arbitrage, and if so$,$ how much profit can be made by executing the arbitrage strategy. How will market forces move to close the arbitrage transaction? Explain the result.