$($LO $6\mathrm{.}6)$ Bower is a Canadian investor. He noticed that the euro spot rate is currently quoted at C $$1\mathrm{.}4768$ per euro. The European interest rate is $6$ percent on one$-$year T$-$bills, and the one$-$year interest rate in Canada is $3$ percent. The one$-$year forward rate is $$1\mathrm{.}409/$euro$.$ Determine whether there is an arbitrage opportunity. State the transactions Bower should apply to profit from the arbitrage opportunity if one exists. Explain what would happen if many other investors also seized such an arbitrage opportunity, if one existed.