caia사이트에서 제공되는 워크북 중 real asset 파트에서 offshore 부동산 환율을 고려한 total return계산하는 문제에서 햇깔리는것이 있어 질의 드립니다.

워크북에서 제공되는 문제 16번은 아래와 같습니다.

Lp는 영국에 소재/자산의 위치는 미국/cap rate는 4.48%/파운드 가치가 2% appreciate 된다면 total return은.?

Suppose that a real estate investment company based in the U.K. has just invested $40million in a property located in the U.S. The combined potential gross income of the first year of operations has been estimated at $3,000,000. However, it is unlikely that the property will be fully occupied all year round, and a a 12% vacancy loss rate has been estimated. The fixed and variable expenses of the property for the first year of operations were estimated at $370,000 and $480,000, respectively. The current exchange rate $/￡ is 1.30. Calculate the estimated return on the first year to the U.K. company, assuming that the property value is expected to be the same a year from now (in US dollars), and that the British pound is expected to appreciate 2% with respect to the dollar during the first year. The British company has decided not to hedge the currency risk of this investment. Ignore taxes for simplicity and assume that income and expenses occur at the end of the year.

제 생각에는 간단히 계산하면 4.48%-2%=2.48%

정확히 계산하면 ((1+0.048)*(1-0.02))-1=2.7%

가 나와야 할것같은데, 해설지는 4.48%*(1-0.02)=4.39%라는데 이해가 가지않아서 질의 드립니다...

감사합니다