While serving as visiting conductor at the University of Edinburgh, U. S. Citizen William Golson purchases a 9.0 percent annual coupon bond denominated in the local currency for 93.0. One year later, before his return to the U. S. , he sells the bond for 99.5. Using a holding period return formula he remembers from his undergraduate studies, he calculates his return at 16.7 percent. On the flight home, he is seated next to Kristin Meyer, CFA. She is puzzled because she has heard that similar investments yielded negative returns over the same time period. After consulting her financial newspaper, she recalculates Golson’s return at a disappointing negative 5.2 percent. Assuming Meyer is correct, which of the following statements is the most likely reason for the difference in the calculated returns Golson:（）
A. forgot to include the impact of foreign currency appreciation in relation to the dollar.
B. forgot to include the impact of foreign currency depreciation in relation to the dollar.
C. omitted the impact of inflation.