A German mutual fund sells Euros to a U.S. bank for $20,000. The mutual fund then uses these dollars to purchase a bond issued by United Express, a U.S. delivery company. As a result of these two transactions, what happened to U.S. net capital outflow?
a. It fell by $40,000.
b. It rose by $20,000.
c. It was unchanged.
d. It fell by $20,000.