An Australian investor purchases 500 shares of the SPY Exchange Traded Fund (ETF) today at a price of USD 234.50. She uses Australian dollars converted at today's spot rate of 0.75 to pay for the shares. In one year's time, the ETF has gained 11% in value while the S(USD/AUD) rate is now 0.84. Assuming she left the position unhedged, her net profit or loss in Australian dollars in % is: (a) A profit of 0.90% (b) A loss of 0.89% (c) A profit of 11% (d) A loss of 12% (e) None of the above