10. You are an individual, medium-wealth, investor (not a financial institution) and have collected the following information:

- The S&P500 index has earned an average 8.5% per year for the last 10 years

- The US one year treasury bill is presently yielding 1% [recall a T-bill usually has a face value of $1 million USD]

- You may borrow from the bank directly up to $1 million at a flat rate of 6% APR compounded monthly

- The SPY ETF has, after fees, netted an average 8.25% per year for the last 8 years

- Your savings account offers you 0.50% EAR on any deposits you leave with the bank

Knowing the above, if you have $250,000 to invest but hope to put $200,000 into "the market" what rate of return would you expect to earn over the coming year?

[Please give your answer in percent to the second decimal place. Thus if you compute the value +17.435634% please write 17.44]