Fowler, Inc. stock price was $44.00 on 1/1/17, $43.25 on 1/1/18, $44.50 on 1/1/19 and $44.90 on 1/1/20. Fowler, Inc. paid Dividends per share of $0.25 for 2017, $0.25 for 2018, $0.20 for 2019 and $0.40 for 2020. Dividends are paid at the end of the year. Calculate the arithmetic average of the Holding Period Returns for Fowler, Inc. for the time periods shown. Show your answer as a whole number percentage, rounded to two places (12.34%, for example).