A U.S financial specialist can obtain $1,000,000 or 500,000 GBP. The spot rate is $2.20/GBP, the one year forward rate is $2.24/GBP. The US one year financing cost is 14% and the one year British loan fee is 11%. Figure out whether there is a secured loan fee arbitrage opportunity, and assuming this is the case, demonstrate every progression required in the arbitrage opportunity.