15. Luis Pinzon-30 Days Later. One month after the events described in the previous questions, Luis Pinzon again has $1,000,000 (or its Swiss franc equiv- alent) to invest for three months. He now faces the following rates. Should he again enter into a covered interest arbitrage (CIA) investment?

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Spot exchange rate: Three month forward rate Three-month U.S. interest rate: Three-month Swiss rate: SF1.3392/$ SF13286/S 4-750% per annum 3.625% per annum