Choose from list of answer choices and show/explain work.

Assume the following information (rates are actual 90-day interest rates, not annualized): Spot rate of Canadian dollar $0.900 90-day forward rate of Canadian dollar 90-day Canadian interest rate 3.50% 90-day U.S. interest rate 2.40% Given this information, the yield (percentage return) to a U.S. investor who used covered interest arbitrage would be _..\% (assume the investor invests $1 million). The yield (percentage return) to a Canadian investor who used covered interest arbitrage would be % 0.05;0.05 0.05;0.05 0.05;0.15 0.15;0.05