A 25 year bond issued today by Carris, Inc. has a coupon rate of 11%, a required return of 12% and a face value of $1,000. The bond will be sold 8 years from now when interest rates will be 9%. What is the actual rate of return (or holding period return) over this 8 year period? Round to the nearest percent. (This will be easier to answer if you've already answered the other two questions regarding the Carris bond.)