Suppose you purchase one share of the stock of Volatile Engineering Corporation at

the beginning of year 1 for $36.

At the end of year 1, you receive a $2 dividend, and

buy one more share for $30.

At the end of year 2, you receive total dividends of $4

(i.e., $2 for each share), and sell the shares for $36.45 each.

The time-weighted return

on your investment is ________.