Walton and Company is the managing investment banker for a major new underwriting. The price of the stock to the investment banker is $19 per share. Other syndicate members may buy the stock for $21.25. The price to the selected dealers group is $22.58, with a price to brokers of $23.52. Finally, the price to the public is $24.55.

If Walton and Company performs the dealers function also and sells to brokers, what will the percentage return be?