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A U.S. based investor purchased 100 shares of Brazilian mining giant Vale (VALE) for R$28.25 and...

A U.S. based investor purchased 100 shares of Brazilian mining giant Vale (VALE) for R$28.25 and sold them a year later for R$29.01. At the time of purchase, the Brazilian Real was trading at R$2.5175 per U.S. dollar and at the time of the sale of the VALE shares the Brazilian Real was trading at R$2.5086 per U.S. dollar. Calculate the U.S. dollar-based percentage return earned by the investor.

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