Jaguar has full manufacturing costs of their S-type sedan of 22,803. They sell the S-type in the UK with a 20% margin for a price of E27,363. Today these cars are available in the U.S. for $55,000 which is the UK price multiplied by the current exchange rate of $2.01/E. Jaguar has committed to keeping the U.S. price at $55,000 for the next six months. If the UK pound appreciates against the USD to an exchange rate of $2.15/E, and Jaguar has not hedged against currency changes, what is the percentage margin the company will realize given the new exchange rate? 20.0% 15.3% 12.2% (D) 7.2%