Assume the borrowing interest rate of the US dollar is 5%, the British pound is 4% and the US MNC company expects a change in the value of GBP compared to USD with scenarios of 2%, 1%, -2% with certainty. Yields are 25%, 55%, and 20% respectively in the upcoming year. The expected effective funding rate of this strategy is:

a. 4.674%

b. 4.676%

c. 4.767%

d. 5.68%