Assume the following information:

Spot rate today of Swiss franc	=	$.60
1-year forward rate as of today for Swiss franc	=	$.63
Expected spot rate 1 year from now	=	$.64
Rate on 1 year deposits denominated in Swiss francs	=	7%
Rate on 1 year deposits denominated in U.S. dollars	=	9%

From the perspective of Swiss investors with SF1,000,000, covered interest arbitrage would yield a rate of return of ______%.

Show how you calculate your answer.