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Spencer Grant and Vaniteux (B). Spencer Grant chooses not to sell his shares at the time described in Problem 4.2. He waits, expecting the share

Spencer Grant and Vaniteux (B). Spencer Grant chooses not to sell his shares at the time described in Problem 4.2. He waits, expecting the share price to rise further after the announcement of quarterly earnings. His expectations are correct, and the share price rises to 31.14 per share after the announcement. He now wishes to recalculate his returns. The current spot exchange rate is $1.3110/

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