As a Canadian Saver, you have $50,000 to invest in either of the three investments described below. The world risk-free rate is 3%. There is no risk-premium on the Canadian bond but a Brasilian bond has a risk-premium of 4%. The current nominal Cad-Brasilian exchange rate is eCAD = 0.7 (Reals per Cad dollar). Before the pay-out next period, you expect the Real to depreciate relative to the Cad$ to a new nominal exchange rate, efuture = 0.79. Your third alternative is to buy a condo in Florida. The current nominal Cad-US exchange rate is eCAD = 0.75 ($US per Cad dollar). You expect the condo to increase in resale value by 10% but you also forecast the exchange rate to rise to eCAD =0.80. Based on your forecast, what is the expected rate of return (% yield) on each investment (correct to one decimal place is fine)? For simplicity assume zero transaction costs. % return on Cad Bond: _______ % return on Brasilian Bond: _______ % return on Florida Condo: _______

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