Assume the following information:

Current spot rate of Australian dollar Forecasted spot rate of Australian dollar 1 year from now 1-year forward rate of Australian dollar Annual interest rate for Australian dollar deposit Annual interest rate in the United States

= $.64

= $.59 = $.62 = 9% = 6%

Given the information in this question, what the return from covered interest arbitrage by U.S. investors with $500,000 to invest will be?.