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While working abroad, U.S. citizen Dirk Senik purchases a foreign bond with an annual coupon of 7.5% for 95.5. One year later, the exchange rate between the dollar and the foreign currency remains unchanged and he sells the bond for 97.25, resulting in a holding period return of 9.7%. If the foreign currency had depreciated in relation to the dollar, Senik’s return would be: A. greater than 9.7%. B. less than 9.7%. C. equal to 9.7%. |