$($Note: You are required to use a financial calculator to calculate EAR, and document the key sequences entered, like $[$N$],[$PMT$],[$CF$],$ etc.$)$

Suppose you have $$28,000$ to invest. You$$re considering an investment in put options of Miller$-$Moore Equine Enterprises $($MMEE$),$ whose stock is currently selling for $$40$ per share. Suppose that a put option with a $$40$ strike price and six months to maturity is available. The premium is $$2\mathrm{.}60.$ MMEE pays no dividends. After $5$ months, the stock price declines to $$35$ per share.

Calculate your percentage annualized rate of return on the put option investment.

Note: The HPR must be calculated as HPR $=($Terminal Equity$$ Initial Equity$)/$ Initial Equity.