You bought one of Lambert Sandblasting Company's 15-year bonds one year ago for $960. These bonds pay 7 percent annually, have a face value of...

You bought one of Lambert Sandblasting Company's 15-year bonds one year ago for $960. These bonds pay 7 percent annually, have a face value of $1,000, and mature 14 years from now. Suppose you decide to sell your bond today when the required return on the bonds is 8 percent. The inflation rate over the past year was 2.7 percent. What was your total real return on this investment?