Suppose that you are an investor based in Denmark, and you expect the U.S. dollar to depreciate by 3% over the next year. The interest rate on one-year risk-free bonds is 4.5% in the United States, and 3.75% in Denmark. The current exchange rate is DKr 6.35 per U.S. dollar. You buy some U.S. stocks with an expected return of 7% in dollars. ( ) is the expected return on the U.S. stock from the Danish investor’s viewpoint, that is, in Danish krone.