Given the following information, assess in detail whether covered interest arbitrage is possible for U.S. investors based on the following information. What is the dollar profit and % yield for the U.S. investor attempting to conduct covered interest arbitrage in Japan?

Funds available for U.S. investor US$500,000

Funds available for Japanese investor Yen 5,000,000

1-year interest rate in U.S. 11%

1-year interest rate in Japan 6%

1-year forward rate of Japanese yen US$0.0100

Spot rate of Japanese yen US$0.0092