Assume an investor purchases a bond when the Euro is quoted at $$0\mathrm{.}96$ per Euro and

sells the bond when the Euro is quoted at $$1\mathrm{.}12$ per Euro. Relative to the dollar, the

Euro has:

appreciated, ${?}^{\text{m}\text{o}\text{l}\text{a}\text{n}\text{d}}$ and the investor has gained from the currency move.

appreciated, and the investor has lost from the currency move.

depreciated, and the investor has gained from the currency move.

depreciated, and the investor has lost from the currency move.