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An investor in the United States bought a one-year Brazilian security valued at 350,000 Brazilian reals...

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Finance

An investor in the United States bought a one-year Braziliansecurity valued at 350,000 Brazilian reals (R$). The U.S. dollarequivalent was $300,000. The Brazilian security earned 12 percentduring the year, but the Brazilian real depreciated 5 cents againstthe U.S. dollar during the time period ($.86 to $.81).

After transferring the funds back to the United States, what wasthe investor’s return on her $300,000? (Do not roundintermediate calculations. Input your answer as apercent rounded to 2 decimal places.)

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