An older article in The Wall Street Journal included the following paragraph: Based on the S&P 500s current multiple of 16.8 times earnings over the past 12 months, according to Thomson Reuters, investors are anticipating modest inflation. Since 1950, in periods when inflation ran between 2% and 4% [as it has through much of this decade], stocks traded at an average price/earnings ratio of 17.4, according to Strategas Research Partners. But in a 4% to 6% inflation environment, the average P/E ratio dropped to 14.7. [12 points]

58. Use the data to calculate the Rate of Return based on the Earnings Yield model for time periods when inflation ranged from 4% to 6%. Use the mid-point of the inflation range to derive the numbers and enter your answer as a percentage.