Problem 11.

The shares of Microsoft were trading on Nasdaq on January 1 at $41. A Swedish investor purchased 100 shares of Microsoft at that price. The Swedish kroner to dollar exchange rate then was $:Skr = 9.4173-9.4188. One year later, the investor received a dividend of $2 per share, and the investor then sold the shares at a price of $51 per share. The exchange rate at that time was $:Skr = 9.8710-9.8750. What is the rate of return on the investment, in kroners assuming no taxes or commissions?