Let us assume that IBM paid $1.10 of dividend per quarter for the last four quarters, that the last dividend was just paid, that the target rate of return we want for IBM is 5.94%, and that the current share price of IBM is $164.75. Further assume that you bought 1 share 1 year ago, that you re- invested the dividends received over the last 12 months in IBM stock (it would be ok to have fractional shares), and that IBM's share price increased 4.49% from one dividend payment to the next, what is your excess return on this investment over the last 12 months? (answer as a percentage). Note: the excess return is the return above the target return