Using 60% initial margin, Jack purchases $16,000 worth of a stock priced at $20 per share. The broker charges 8% on the margin loan and requires a 35% maintenance margin. The stock pays a $.50-per-share dividend in 1 year, and then the stock is sold at $23 per share. Jack's rate of return was [A] Type your answer as a percentage, not as a decimal, and round your answer to 2 decimals. (For example 10.23% or 21.34%)