Twenty-five years ago, you purchased 100 shares of XYZ, Inc. for $8 per share. XYZ paid out no cash dividends during this period of time, but it did split its shares many times increasing your position to 9,600 shares (thats correct: ninety-six hundred). If the current market price of XYZ is $12, what is your estimate of the average annual (implicit) rate of return R% on your investment in XYZ? In other words, by how much (percentage-wise) did the value of your position in XYZ change each year on average? (show work)