Consider an investor in Europe that observes the spot price for the US dollar as currently 1.4544 /$. A nine-month futures contract on the dollar is quoted in the market as 1.4052 /$. If the American and European nine-month interest rates are 3.5% and 6.5 % p.a. respectively, determine if there is an arbitrage opportunity and if any, describe a strategy to take advantage of it.