A bond par value is $2,000 and the coupon rate is 4.4 percent. The bond price was $1,945.49 at the beginning of the year and $1,976.15 at the end of the year. The inflation rate for the year was 2.4 percent. What was the bond's real return for the year?

Multiple Choice

3.61%

3.16%

3.85%

3.61%

4.45%