(Calculating rates of return) The common stock of Placo Enterprises had a market price of $8.77 on the day you purchased it just one year ago. During the past year the stock had paid a dividend of $1.17 and closed at a price of $10.70. What rate of return did you earn on your investment in Placo's stock? The rate of return you earned on your investment in Placo's stock is %. (Round to two decimal places.)