1. Mr. James K. Silber, a euro-based investor just sold Microsoft shares he had bought six months ago. He had invested 10,000 euro to buy Microsoft shares for $120 per share; the exchange rate was $1.15 per euro. He sold the stock for $135 per share and converted the dollar proceeds into euro at the exchange rate of $1.06 per euro. Compute the rate of return on the investment in euro terms. (10 marks)