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Assume the following information:

Current spot rate of Australian dollar = $0.78

Forecasted spot rate of Australian dollar 1 year from now = $.83

One-year forward rate of the Australian dollar = $0.72

Annual interest rate on Australian dollars = .07

Annual interest rate on U.S. dollars = .09

Given the information in this question, the return from covered interest arbitrage by U.S. investors with $420,000 to invest is about _______

Answer = -0.06