Clayton Moore's Money Fund. 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 RM3.13482/$. 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 $1.5823/, and the 180-day forward rate is $1.5558 / . The initial investment is 1,000,000.00. The investment proceeds from the initial investment is (Round to two decimal places.) The return on the 180-day investment is %. (Round to three decimal places.) % on If Clayton Moore invests in the Malaysian ringgit deposit, and accepts the uncovered risk associated with the RM/$ exchange rate (managed by the government), and sells the dollar proceeds forward, he should expect a return of his 180-day pound investment. This is than the % per annum he can earn in the euro-pound market. (Round the percentage to three decimal places and select from the drop-down menus.)