A money market mutual fund manager is looking for some profitable invest- ment opportunities and observes the following one-year interest rates on gov- ernment securities and exchange rates: rus = 12%, Tuk = 9%, S = $1.50/1, F = $1.60/1, where S is the spot exchange rate and F is the forward exchange rate. Which of the two types of government securities would constitute a bet- ter investment? LO.1