You are considering two investment alternatives. The first is a stock that pays quarterly dividends of $0.47 per share and is trading at $23.51 per share; you expect to sell the stock in six months for $27.45. The second is a stock that pays quarterly dividends of $0.61 per share and is trading at $34.37 per share; you expect to sell the stock in one year for $35.72. Which stock will provide the better annualized holding period return? The 1-year HPR for the first stock is | %. (Enter as a percentage and round to two decimal places.)