Suppose now in US,the interest rate for one year treasury bill is 5%,and in UK,the interest rate for treasury bill of the same duration is 9%.In London,the current spotrate between and£is:£1=1.5100—1.5120.and 12 months forward rate is:£1=1.5075—1.5095.Required: What do you think is the best method if an American with 1 million in his hands wants toprofit from this circumstance?Please give your calculations in detail.(Suppose all transactions can be freely undertaken in financial markets).