An EU portfolio manager believes the U.S. dollar will appreciate 1% relative to the euro. The PM has a large position in the S&P 500 and wonders where his original investment at an index value of 2,000 will be at the end of the year. The PM reviews the position at the end of the year and finds that it has grown to 2,400. The total return on this position for the PM is closest to:

Group of answer choices

(a)17.7%.

(b)20.0%.

(c) 21.2%.