In a period when U$.$S$.$ equity prices are increasing and the U$.$S$.$ dollar is depreciating, which of the following investors in U$.$S$.$ equities is most likely to earn the highest return in the investor's local currency?

Multiple Choice

U$.$S$.$ investor who reinvests dividends.

Non$-$U$.$S$.$ investor who reinvests dividends.

Non$-$U$.$S$.$ investor who does not reinvest dividends.