Suppose you have an extra cash reserve of $10 million to invest for six months. The six-month interest rate is 4 percent per annum in Canada and 5 percent per annum in Germany. Currently, the spot exchange rate is 0.65 per dollar and the six-month forward exchange rate is 0.66 per dollar. Should you do a Covered Interest Arbitrage (CIA), i.e. convert to Euro, invest in Germany and convert back to CAD? Or keep your investment in Canada? What are the maturity values of each alternative?