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The shares of Apple were trading on January 1 at $120. A Japanese investor purchased 100 shares of Apple at that price. The Japanese yen

The shares of Apple were trading on January 1 at $120. A Japanese investor purchased 100 shares of Apple at that price. The Japanese yen to dollar exchange rate then was $:yen = 119.42-119.45 (i.e., bid-ask rates). One year later, the investor received a dividend of $2.5 per share, and the investor then sold the shares at a price of $125 per share. The exchange rate at that time was $:yen = 119.87-119.93. What is the rate of return on the investment, in yen assuming no taxes or commissions?

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