Crane Corp. is a fast$-$growing company whose management expects it to grow at a rate of $21$ percent over the next two years and then

to slow to a growth rate of $16$ percent for the following three years. The last dividend paid by the company was $$2\mathrm{.}15.$

If inflation is expected to be $3$ percent during the next year, while the nominal rate of interest

for a one$-$year loan is $8\mathrm{.}5$ percent, then approximately what should the real interest rate be for

a one$-$year loan?