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Currently the Japanese yen is trading at 7 9 per Australian dollar. A year ago, it was trading for 8 5 per A $ .

Currently the Japanese yen is trading at 79 per Australian dollar. A year ago, it was trading for 85
per A $. If the return on the Japanese stock had been 8% in the last year, what would have been the
net return earned by an Australian investor?
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