The FTSE 100 measures the value in pounds of a portfolio of the 100 largest British stocks. Over the past year, the FTSE 100 index has gone from 5,936 to 7,130 (not including dividends), while the exchange rate has gone from 1.2349 dollars per pound a year ago to its current value of 1.3985 $/pound. British stocks paid an average annualized dividend yield of 2.9% last year

ii) (4 points) What was a U.S. investors return on an investment in the British stock market over

the past year, including dividends?