Dale Food Company, a U.S. company, is considering put- ting \($10\) million of its excess cash into a three-month investment. The following fixed return investments have comparable risk. Dale is unwilling to be exposed to exchange rate risk, and therefore will enter a forward contract to lock in, at the date of the initial investment, the U.S. dollar value of currency returned to it at the end of three months. A three-month investment offered by a Singapore bank offers an annual interest rate of 4.5 percent. The spot rate is now \($0.786,\) and the forward rate for delivery in three months is \($0.803\) (S/S\($).\) A three-month investment offered by a Canadian investment bank offers an annual interest rate of 3.9 percent. The spot rate is now \($0.952,\) and the forward rate for delivery in three months is \($0.981(S/C$).\) 

Required 

Determine the annual rate of return on each investment.