The S&P stock index represents a portfolio comprised of 500 large publicly traded companies. On December 24, 2007, the index had a value of 1,410 and on December 24, 2008, the index was approximately 903. If the average dividend paid on the stocks in the index is approximately 4.5percent of the value of the index at the beginning of the year, what is the rate of return earned on the S&P index?