You decide to sel short 300 shares of Charlotte Horse Farms when it is selling at its yearly high of $57. Your broker tells you that your margin requirement is 60 percent and that the commission on the purchase is $525. While you are short the stock, Charlotte pays a $2.80 per share dividend. At the end of one year, you buy 300 shares of Charlotte at $45 to close out your position and are charged a commission of 5515 and 8 percent interest on the money borrowed. What is your rate of return on the investment? Do not found Intermediate calculations. Round your answer to two decimal places