Assume the following information. Spot rate today of Swiss franc = $0.60. 1-year forward rate as of today for Swiss franc = $0.63. Expected spot rate 1 year from now = $0.64. 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 U.S. investors with $1,000,000, covered interest arbitrage would yield a rate of return of _____%.

Group of answer choices

11.22

15.50

12.35

14.13