. Assume Redflag, an "equity event" hedge fund, held a 5% (as a percentage of the

Fund's equity capital) short position in Volkswagen during October, 2008, based upon

a market price of 200 euros per share. If Volkswagen shares then soared to 1,005

euros per share, what would that individual position have cost the Fund in terms of the

Fund's overall return? [Note: you can assume the Fund did not have to make any

payments of Volkswagen dividends or other fees related to this position during this

period.]