3. The following information is available: - You have $500,000 to invest - The current spot rate of the Moroccan dirham is $.110. - The 60-day forward rate of the Moroccan dirham is \$.108. - The 60-day interest rate in the U.S. is 1 percent. - The 60-day interest rate in Morocco is 2 percent. a. What is the yield to a U.S. investor who conducts covered interest arbitrage? Did covered interest arbitrage work for the investor in this case