Show all your work!!!! Do not round until the end. Do not skip first part of this problem, because you have to use it in order to solve the problem along with the second part. Previous expert did not use it and got it wrong.

You bought one of Bergen Manufacturing Co.s 6.6 percent coupon bonds one year ago for $1,056. These bonds make annual payments and mature eleven years from now. Suppose you decide to sell your bonds today when the required return on the bonds is 4.5 percent.

If the inflation rate was 3.2 percent over the past year, what would be your total real return on the investment? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Total real return=