Moron Technology is an information technology services provider. It currently operates primarily within the European marketplaces, and therefore are not active or traded on any North American Stock Exchanges. The companys share price and dividend distributions have been as follows in recent years:

Assumptions		30/06/2018	30/06/2019	30/06/2020	30/06/2021
Share price ()		37.40	42.88	40.15	44.60
Dividend ()		1.50	1.60	1.70	1.80
Spot rate ($/)		1.8160	1.7855	1.8482	2.0164
Spot rate (/)		1.4844	1.4812	1.4472	1.4845

Using the data above- but assume an exchange rate which began at 1.4844/ in June 2018, and the consistently appreciated versus the euro 1.5% per year for the entire period. Calculate thr annual average total return (including dividends) to a euro-based investor holding the shares for the entire period shown. What is the average return, including dividend distributions, to a euro-based investor for the period shown?