You are a U.S. investor who purchased British securities for 4,000 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 4,400 pounds and the pound is worth $1.62.

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The initial investment was 4,000 pounds * $1.50 = $6,000. The current value is 4,400 pounds * $1.62 = $7,128. The return is ($7,128 - $6,000) / $6,000 = 18.8%.

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