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Singapore Fire Insurance company invested $10,000,000 in discount U.S. bonds in May 2020 when the exchange rate was 1.2 Singapore dollars per U.S. dollar. The

Singapore Fire Insurance company invested $10,000,000 in discount U.S. bonds in May 2020 when the exchange rate was 1.2 Singapore dollars per U.S. dollar. The company liquidated the investment one year later for $10,650,000. The exchange rate turned out to be 1.25 Singapore dollars per U.S dollar at the time of liquidation. What rate of return did Singapore Fire realize on this investment in Singapore dollar terms?

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