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Assume the following information: Current spot rate of New Zealand dollar $0.66 Forecasted spot rate of New Zealand dollar 1 year from now $0.69 One-year

Assume the following information: Current spot rate of New Zealand dollar $0.66 Forecasted spot rate of New Zealand dollar 1 year from now $0.69 One-year forward rate of the New Zealand dollar $0.68 Annual interest rate on New Zealand dollars 8% Annual interest rate on U.S. dollars 9% Given the information in this question, the return from covered interest arbitrage by U.S. investors with $500,000 to invest is ____ percent.

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