You bought one of Bergen Manufacturing Co.s 8.6 percent coupon bonds one year ago for $1,046. These bonds make annual payments and mature fifteen years from now. Suppose you decide to sell your bonds today when the required return on the bonds is 8 percent.

If the inflation rate was 3 percent over the past year, what would be your total real return on the investment? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Total real return

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