The Glover Scholastic Aid Foundation has received a e20 million global government bond portfolio from a Greek donor This bond portfolio will be held in euros and managed separately from Glover's existing US dollar-denominated assets. Aithough the bond portfoho is currently unhedged, the portfolio manoger, Raine Sofia, is investigoting various alternatives to hedge the currency tikk of the portfolio. The bond portfolio's current allocation and the relevant country performance data are given in Exhibits 1 and 2 ilistoricat correlations for the currencies being considered by Sofia are given in Exhibit 3 Sofia expects that future returns and correlations will be approximately equal to those given in Exhibits 2 and 3 . Exhibit 1 Glover Scholastic Aid Foundation Current Alfocation Global Government Bond: Portfolio Exhibit 2 Country Performance Data (in local currency) Required: Calculate the expected total annual return (euro-based) of the current bond portfolio if Sofia decides to leave the currency risk unhedged. Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places