Ram, a U.S. investor has $1,000 in his possession and considers investing in the U.S. security or in Spains security. The current spot exchange rate is 0.8/$ and the 180-day forward exchange rate is 0.7874/$. The annualized risk-free rate is 6% in the U.S. and 4% in Spain. If any arbitrage opportunity exists, what is the highest annualized percentage rate of return the investor would expect?