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4 . 3 8 Suppose the Swiss franc revalues from $ 0 . 4 0 at the beginning of the year to $ 0 .

4.38 Suppose the Swiss franc revalues from $0.40 at the beginning of the year to $0.44 at the end of the year. U.S. inflation is 5% and Swiss inflation is 3% during the year. What is the real devaluation (-) or real revaluation (+) of the Swiss franc during the year?
a)+7.9%
b)-5.3%
c)+8.1%
d)-1.6%

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