$1.$ You observe the following yield curve for Treasury securities:

Maturity Yield

$1$ year $4\mathrm{.}6\%$

$2$ years $4\mathrm{.}8$

$3$ years $4\mathrm{.}9$

$4$ years $4\mathrm{.}8$

$5$ years $5\mathrm{.}2$

Assume that the expectations theory holds. If the market$$s actual $4$ years forward rate one year from today is $6\mathrm{.}8\%$ does an arbitrage opportunity exist? If it does show how you would take advantage of it$?$ Explain your answer.