Assume the following information: British pound spot rate $=$ $ $1\mathrm{.}58$ British pound one$-$year forward rate $=$ $ $1\mathrm{.}58$ British one$-$year interest rate $=11$ percent U$.$S$.$ one$-$year interest rate $=9$ percent Explain how U$.$S$.$ investors could use covered interest arbitrage to lock in a higher yield than $9$ percent. What would be their yield? Explain how the spot and forward rates of the pound would change as covered interest arbitrage occurs.

Can you do this step by step, I am having a hard time understanding what to do at time $0$ and time time $1$