At the end of 1971, £1,000 is invested in UK equities for 15 years and the final fund is £9,769. Alternatively, the £1,000 is exchanged into $2,571 which accumulates to $11,787 which is then exchanged into £7,830 at the end of 1986. That the annualised US return of 10.69% was lower than the annualised UK return of 16.41% over 15 years was highly unfavourable. On the other hand, the reverse exchange rate from dollars to sterling almost doubled from 0.3890 to 0.6643, partially reducing the relative investment loss, increasing the achieved return from 10.69% (dollars) to 14.71% (sterling).