What was the original inspiration behind McDonald's iconic 'Golden Arches' logo design in the 1960s?

Corporate logos often tell fascinating stories about brand evolution and marketing psychology. Some of the world's most recognizable logos have interesting histories and deliberate design elements that contribute to their effectiveness. This trivia question explores an interesting fact about one of the world's most famous corporate symbols that many people don't know about.

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The arches were designed to resemble the letter 'M' for McDonald's
They were inspired by the actual arches that were part of the restaurant's architecture
The design was based on a French fry dipped in ketchup
The logo was created to symbolize a bridge to affordable food