You observe the following information on a stock:

The spot price of a non$-$dividend$-$paying stock is $$54$

The $6-$month forward price is $$53$

The $6-$month US$ interest rate is $5\%$ per annum $($continuously compounded$)$

$($a$)$ Is there an arbitrage opportunity? If there is$,$ construct an arbitrage transaction and show the net cash flows.