After two consecutive years of $8 \%$ losses, what rate of return in the third year will produce a cumulative loss of $3 \%$ ? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. For example $34.56 \%$. Rate of return $=0.00 \%$

Step 1 ：Let's denote the initial value of the stock as \(x\). After the first year, the value of the stock becomes \(.92x\) due to the 8% loss.

Step 2 ：After the second year, the value of the stock becomes \(.92 \times .92x = .8464x\) due to another 8% loss.

Step 3 ：We want the value of the stock after the third year to be \(.97x\), which represents a cumulative loss of 3%.

Step 4 ：Therefore, the rate of return in the third year should be \(.97x / .8464x - 1\).

Step 5 ：Calculate the above expression, we get the rate of return in the third year is approximately \(0.1461\) or \(14.61\%\).

Step 6 ：So, the rate of return in the third year that will produce a cumulative loss of 3% is \(\boxed{14.61\%}\).