Spencer Grant is a New York-based 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 100 shares at 16.89 euro per share, the euro was trading at $1.3612/euro. Currently, the share is trading at 28.69 euro per share, and the dollar has fallen to $1.4019/euro. Spencer considers selling his shares at this time but he chooses not to sell them after all. He waits, expecting the share price to rise further after the announcement of qurterly earnings. His expectations area correct, and the share price rises to 31.36 euro per share after the announcement. The current spot exchange rate is $1.3118/euro.

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

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

c. What would be the total return Spencer would earn on his shares if he sold them at these rates?