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The Glover Scholastic Aid Foundation has recelved a 20million global government bond portfolio from a Greek donior. This bond portfolio will be held in euros and managed separately from Glover's existing U.S. dollar-denominated assets. Although the bond portfolio is currently unhedged, the portlolio manager, Raine Sofia, is investigating various alternatives to hedge the currency risk of the portfollo. The bond portfolio's current allocation and the relevant country performance data are given in Exhibits 1 and 2 . Historical correlations for the currencies being considered by Sofia are given in Exhibit 3 . Sofla expects that future returns and correlations will be approximately equal to those given in Exhibits 2 and 3. Exhibit 1. Glover Scholastic Aid Foundation Current Allocation Global Government Bond Portfolio Exhibit 2. Country Performance Data (in local currency) Required: Calculate the expected total annual return (euro-based) of the current bond portfolio if Sofia decides to leave the currency risk unhedged. Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places