Problem:
Suppose 6 months ago a Swiss investor bought a 6-month U.S. Treasury bill at a price of $9,708.74, with a maturity value of $10,000. The exchange rate at that time was 1,420 Swiss Francs per dollar. Today, at maturity, the exchange rate is 1.324 Swiss Francs per dollar.
Required:
Question: What was the annualized rate of return to the Swiss investor?
Note: Please show the work not just the answer.