Assume the following information:

U.S. investors have $1,200,000 to invest

1-year deposit rate offered on U.S. dollars = .12

1-year deposit rate offered on Singapore dollars = 0.100

1-year forward rate of Singapore dollars = $0.412

Spot rate of Singapore dollar = $0.40

Interest rate parity doesnt exist and covered interest arbitrage by U.S. investors results in a yield of _______ which is above what is possible domestically.