Over the last 50 years New Zealand's average residential property prices have increased by 8.9% per annum, while New Zealand's inflation has been 5.7 per annum over the same period. What has been the real rate of return on residential property? (Hint: use the real interest rate formula Equation 6.3 from the text. Please enter your answer in decimals and show your answer to the nearest 10th of a percent, i.e. 10.1% would be shown as 0.101. Show answer to three decimal places)