Assume that you are a U.S. investor buying a European stock: 1. You exchange 100 dollars for 90 euros at the exchange rate 1 USD = 0. 90 EUR or 1 EUR = 1. 11 USD. 2. You buy 10 shares of a European stock for 90 euros. 3. One year later you sell the European stock for 100 euros. You exchange the 100 euros for 120 dollars at the exchange rate 1 USD = 0. 83 EUR or 1 EUR = 1. 20 USD.

What is your stock rate of return? What is your euro rate of return? What is your total return?