Assume you invest in the French equity market and have a 15 percent return (quoted in euros).

a. If, during this period, the euro appreciated by 12 percent against the dollar, what would be your actual return translated into U.S. dollars?

b. If the euro declined by 8 percent against the dollar, what would be your actual return translated into dollars?

c. Recompute the answer based on a 30 percent decline in the euro against the dollar.