You have decided to buy 20 shares of the French company Carrefour S.A. at a price of 12.85 on the Paris exchange. You expect that at the end of the year, you will be able to sell them for 14.00 after also getting a 0.35 per share dividend at the same time you intend to sell. As a U.S. investor who will have to convert dollars into euros to buy the stock, and then convert back into dollars a year from now, what would your total return be if you have the following exchange rate quotes and you create a 1-year forward contract based on the listed rate. Assume no transaction costs on the currency conversion or stock purchase.

Spot: $1.20/

1-yr. $1.24/

11.67%

15.40%

8.95%

12.58%