Suppose you are a euro$-$based Italian investor, and you are investing $11,600$ to buy shares of a British company at $50$ per share. The exchange rate is $1\mathrm{.}45$ per pound. The stock pays a $1$ dividend one year later, and you sell your shares for $53.$ The exchange rate has changed to $1\mathrm{.}50$ per pound at the time of your sale. What is your pound rate of return on this investment and the change in pound$-$euro exchange rate? What is your euro rate of return? If you had agreed at the outset to sell $8,000$ forward at the rate of $1\mathrm{.}36$ per pound, what is your euro rate of return on this investment?