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Ms. Clara Gardner has just sold 100 shares of BMW, that she purchased for 75 per share a year ago, for 85 per share. The

Ms. Clara Gardner has just sold 100 shares of BMW, that she purchased for 75 per share a year ago, for 85 per share. The exchange rate is $1.15/ now and was $1.28/ a year ago. To hedge against the exchange rate uncertainty, she sold 7,500 (the principal amount) forward at the forward rate of $1.22/. What is the rate of return in dollar terms from this German investment?

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