3a

(Calculating rates of return) The common stock of Placo Enterprises had a market price of $8.78 on the day you purchased it just one year ago. During the past year the stock had paid a dividend of $0.91 and closed at a price of $11.61. What rate of return did you eam on your investment in Placo's stock? The rate of return you eamed on your investment in Placo's stock is \%. (Round to two decimal places.)