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You bought one of Rocky Mountain Manufacturing Co.s 8 percent coupon bonds one year ago for $1,032.15. These bonds make annual payments and mature nine

You bought one of Rocky Mountain Manufacturing Co.s 8 percent coupon bonds one year ago for $1,032.15. These bonds make annual payments and mature nine years from now. Suppose that you decide to sell your bonds today, when the required return on the bonds is 7.2 percent.

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If the inflation rate was 3.5 percent over the past year, what would be your total real return on investment? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).

Total real return on investment ________________ %

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