$1.$ Assume you invest in the European Equity Market and have a $16\%$ return $($quoted in Euros$).$

a$)$ If during this period the euro appreciated by $11\%$ against the dollar, what would be your actual return, translated into United States dollars?

b$)$ What if the euro declined by $11\%$ against the dollar, what would your actual return be$,$ translated into dollars?

c$)$ Calculate the answer based on a $6\%$ decline in the euro against the dollar.