On May 31, Sharon, an American investor, decided to buy three-month Treasury bills, She found that the per-annum interest rate on three-month Treasury bills is 7.00% in New York and 9.00% in Tokyo, Japan. Based on this information and assuming that tax costs and other transaction costs are negligible in the two countries, it is in Sharon's best interest to purchase three-month Treasury bills in because it allows her to eam more for the three months. On May 31, the spot rate for the yen was $0.100, and the selling price of the three-month forward yen was 50.099. At that time, Sharon chose to linore this difference in exchange rates. In three months, however, the spot rate for the yen rose to $0.102 per yen. When Sharon converted the investment proceeds back into U.5. dollars, her actual return co investment was As a result of this transaction, Sharon realizes that there is great uncertainty about how many dollars she will receive when the Treasury bills mature: So, she decides to adiust her investment strategy to eliminate this uncertainty. What should Sharon's strategy be the next time she considers investing in Treasury bilis? Exchanoe haif of the antidipated proceeds of the investment for foreign cucrency. Exctianoe half of the anticipated proceeds of the investment for domestic currency. Selt enough foreign currency on the focward market to match the anticpated proceeds from the investrent. Had sharon used the covered interest arbitraee strategy on May 31 , her not return on investment (relative to purchasing the U.S. Treasury bills) in japanose three-month freasary bies would be (Note: Assume that the cost of obtaining the cover is zero.)