Assume that you forecast the value of the euro as follows for the next year:

Percentage Change	Probability of Occurrence
2%	30%
3%	40%
5%	30%

If the interest rate on the euro is 12 percent, the expected effective yield from a euro-denominated deposit is:

a. 15.36 percent.

b. 15.70 percent.

c. 12.00 percent.

d. 14.35 percent.

e. none of the above