Spencer Grant and Vaniteux (A). Spencer Grant is a New Yorkbased investor. He has been closely following his investment in 100 shares of Vaniteux, a French firm that went public in February 2010. When he purchased his 100 shares at 17.25 per share, the euro was trading at $1.360/. Currently, the share is trading at 28.33 per share, and the dollar has fallen to $1.4170/.

1. If Spencer sells his shares today, what percentage change in the share price would he receive?

2. What is the percentage change in the value of the euro versus the dollar over this same period?

3. What would be the total return Spencer will earn on his shares if he sells them at these rates?