Rayone Corp. stock is currently trading at $40 per share. To short the stock, the broker charges the client a stock borrow fee of 1% p.a,, charged at the time the position is covered. It has announced, but not yet paid, its annual cash dividend of $1.50 per share. The broker IMR is 60% and MMR is 35% for short sales.

Client A sells short 200 shares of Rayone Corp. stock at $40. Client A covers the position after one year at a share price of $30. What was the client's holding period rate of return?