You are a U.S. investor who purchased British securities for 2,200 pounds one year ago when the British pound cost $1.50. No dividends were paid on the British securities in the past year. Your total return based on U.S. dollars was __________ if the value of the securities is now 2,560 pounds and the pound is worth $1.60.

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The initial investment in USD was 2,200 pounds * $1.50 = $3,300. The current value in USD is 2,560 pounds * $1.60 = $4,096. The return is ($4,096 - $3,300) / $3,300 = 24.1%.

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