Suppose the call money rate is 6.8 percent, and you pay a spread of 1.9 percent over that. You buy 800 shares at $37 per share with an initial margin of 30 percent. One year later, the stock is selling for $42 per share, and you close out your position. What is your percentage rate of return assuming no dividends are paid? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)

Rate of return

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