XYZ Bank issues a six-month, $1 million Eurodollar deposit at an annual interest rate of 5.21 per cent. It invests the funds in a six-month British pound (GBP) bond paying 6.92 per cent per year. The current spot rate is $1.134/GBP.

The six-month forward rate on the pound is being quoted at $1.074/GBP. What is the net spread earned on this investment if the bank covers its foreign exchange exposure using the forward market(write answer as a decimal and round to 4 decimal places, e.g. if your answer is -6.527% as -0.0653)?