A equity mutual fund buys 1 million shares of a denominated common stock for a holding period of 12 months. The relevant information for this investment is as follows:

Current price per share = 70

Expected price per share after 12 months = 72

Expected dividends per share at the end of 6 months = 1.7

Current exchange rate between and C$ = C$1.8 per

The expected exchange rate between and C$ after 12 months = C$1.82 per

Calculate the expected rate of return on the investment.