You are considering investing $800 in Higgs B. Technology Inc. You can buy common stock at $25.00 per share; this stock pays no dividends. You can also buy a convertible bond ($1,000 par value) that is currently trading at $790 and has a conversion ratio of 30. It pays $40 per year in interest. If you expect the price of the stock to rise to $33.00 per share in one year, which instrument should you purchase?

The holding period return on the purchase of the common stock would be