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The income statement of a subsidiary of Mondial Inc is demonstrated in Euros. The rate of exchange between dollars and the Euro starts the year at €1.6 : $1 and moves evenly over the course of the year. In scenario A, the closing rate is €1.552 : $1 and in scenario B the closing rate is €1.68 : $1. Calculate the percentage change in the company's profits as reported in dollars under the scenario where the local currency appreciates as against the scenario where it depreciates against sterling. A. 4.1% increase. B. 3.9% decrease. C. 4.1% decrease. D. 3.9% increase. |