Suppose that the rate of inflation in Switzerland is 5.0%, and the rate of inflation in the United States is 1.9%. If the CHF appreciates relative to the USD by 2.0% in real terms, then which of the following would be closest to the magnitude of the nominal appreciation (+) or depreciation () of the CHF?

a. 1.01%

b. 4.89%

c. +5.10%

d. +0.98%

e. 1.10%