Last year at this time, Michael Ring bought 100 units of a managed fund when the price was $7.50 per unit and the net asset value (NAV) was $7.20 per unit. Over the past year the fund had income distribution of 90 cents per share and a capital gain distribution of 80 cents per share. What would be Michael's holding period return assuming that he exits the investment at the current offer price of $8.50 and a NAV $8.70 per unit?