Spot rate of Ringgit = $.200

180-day forward rate of Ringgit = $.198

180-day Malaysia interest rate = 7%

180-day New Zealand interest rate = 6%

The details are given as shown above. Determine if covered interest arbitrage would be worthwhile for Malaysian investors who have Ringgit to invest. By having RM 1,000,000 as the initial investment calculate and explain your answer.