Clayton Moore is the manager of an international money market fund managed out of London. Unlike many money funds that guarantee their investors a near risk-free investment with variable interest earnings, Clayton Moore's fund is a very aggressive fund that searches out relatively high interest earnings around the globe, but at some risk. The fund is pound-denominated. Clayton is currently evaluating a rather interesting opportunity in Malaysia. Since the Asian Crisis of 1997, the Malaysian government enforced a number of currency and capital restrictions to protect and preserve the value of the Malaysian ringgit. The ringgit was fixed to the U.S. dollar at RM3.80/$ for seven years. In 2005, the Malaysian government allowed the currency to float against several major currencies. The current spot rate today is RM 3.13487/$. Local currency time deposits of 180-day maturities are earning 8.896% per annum. The London eurocurrency market for pounds is yielding 4.203% per annum on similar 180-day maturities. The current spot rate on the British pound is $1.5819/, and the180-day forward rate is $1.5561/. The initial investment is 1,000,000.00.

(Round to two decimal places.)