Suppose IFE and IRP hold between the United States, Canada and Japan. 1 year interest rates are as follows:

JAPAN	CANADA	UNITED STATES
1.5%	6.5%	3.5%

Who of the below will earn the highest NOMINAL rate of return on invested funds?

Group of answer choices:

A US based investor who uses Covered Interest Arbitrage in Canada

A Japanese investor who exchanges her Yen for Canadian dollars to engage the carry trade

A Canadian investor who exchanges his Canadian Dollars for Yen and covers her position in the futures market

A US based investor who exchanges her US Dollars for Canadian Dollars to engage the carry trade