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A U.S. bank converted $1 million to Swiss francs to make a Swiss frane investment when the exchange rate was 1.15 francs per dollar. The

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A U.S. bank converted $1 million to Swiss francs to make a Swiss frane investment when the exchange rate was 1.15 francs per dollar. The bank made a 5 percent return on their Swiss franc investment over one year. At the end of the year, the bank converted the Swiss francs back to dollars when the exchange rate was 1.10 francs per dollar. What was the bank's dollar rate of return? A. 9.77% B. 8.90% C. 4.55% D. 4.35% E. 5.00%

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