Suppose the expected return for Brazil is 12%, the expected return for New Zealand is 10%, the risk free rate in Brazil and New Zealand is 4%, the correlation between New Zealand and Brazil equity returns is 0.35, the volatility of equity return in New Zealand is 0.25 and the volatility of equity return in Brazil is 0.156,, then the Sharpe Ratio for New Zealand is

a. 24.0%

b. 32.0%

c. 38.46%

d. 32.05%