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A U.S. dollar-based investor buys shares in a Brazilian exchange-traded fund in local currency on January 12 that replicates the Bovespa (the Sao Paulo stock

A U.S. dollar-based investor buys shares in a Brazilian exchange-traded fund in local currency on January 12 that replicates the Bovespa (the Sao Paulo stock market index). The Bovespa is trading at 48,164 and the exchange rate is 2.66 reals per dollar. The investor closes out the trade a year later. At that time the Bove spa is trading at 51,000 and the exchange rate is 1.80 reals per dollar. 

a) What is the investor’s U.S. dollar return, in percent, on this transaction?

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