You bought a bond exactly 2 & 1/2 years ago for $1059.24. It is a 6% coupon bond. You have just received the most recent bond cash interest coupon payment this morning. You need money to pay tuition & buy textbooks for the current school term so you decide to sell your bond today for $993.16. Inflation was 1.5% per year during the time you owned the bond.

What is your annual, real, rate of return for the length of time you held this bond investment?