3. Legrand Returns (A). Tony Varga is a New York- based investor. He has been following his investment in 100 shares of Legrand, a French firm which went public in March of 2005 very closely. When he pur- chased his 100 shares, at a price of 19.75 per share, the euro was trading at $1.2250/. Currently the share is trading at 25.28 per share, and the dollar has fallen to $1.4280/. Use the following formula for shareholder returns where P, is the share price at time t, and D, is the dividend paid at time t.

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P-P+D Shareholder return: P 1 P-P D P + P