Assume the following information:

U.S. investors have $1,375,000 to invest
1-year deposit rate offered on U.S. dollars	=	.12
1-year deposit rate offered on Singapore dollars	=	0.105
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