The following information is available: You have $500,000 to invest. The current spot rate of the New Zealand dollar (NZS) is $0.41. The 90-day forward rate of the New Zealand dollar is $.42. The 90-day interest rate in the U.S. is 9 percent. The 90-day interest rate in New Zealand is 8 percent. What is the yield to a U.S. investor who conducts covered interest arbitrage? Did covered interest arbitrage work for the investor in this case? 1