You bought one of Rocky Mountain Manufacturing Co$.$s $8\mathrm{.}75$

percent coupon bonds one year ago for $$1,049\mathrm{.}30.$ These bonds make

annual payments and mature eight years from now. Suppose that you

decide to sell your bonds today, when the required return on the

bonds is $8\mathrm{.}25$ percent. If the inflation rate was $4\mathrm{.}3$ percent over

the past year, what would be your total real return on investment?

$($Do not round intermediate calculations and enter your answer as a

percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$ Total real

return on investment $\%$