You have the following information: t1 t2 t3 t4 PEP Returns -0.02 -0.10 0.05 0.10 Market Returns -0.09 0.04 0.08 -0.08 Assume the risk-free rate is 3% and the historical market risk premium is 5%. What is the rate of return required by investors of PEP? Type your answer as percentage and not as decimal (i.e. 5.2% and not 0.052). Round your answer to the nearest four decimals if needed