Answer this and the next question using the following information: An American investor wishes to purchase a mutual fund consisting solely of Japanese stocks. The investor must purchase shares of the fund in U.S. dollars. However the fund manager must purchase the Japanese stocks in Japanese yen. On January 1, 2002, the fund was priced at $60 per share. On December 31, 2002, the fund's market value reached $75 per share. During the year, the yen rose in value form X 150/$ on January 1 to 125/$ on December 31. What percentage of the fund's market appreciation in dollar terms is due to the underlying growth of the Japanese stock portfolio? Select one: a. 4% b. 20% O c. 100% O d. 25% e. 16%