You decide to sell short 300 shares of Charlotte Horse Farms when it is selling at its yearly high of $48. Your broker tells you that your margin requirement is 45 percent and that the commission on the purchase is $540. While you are short the stock, Charlotte pays a $2.60 per share dividend. At the end of one year, you buy 300 shares of Charlotte at $35 to close out your position and are charged a commission of $535 and 13 percent interest on the money borrowed. What is your rate of return on the investment? Do not round intermediate calculations. Round your answer to two decimal places.