It looks to be just under. I would go up 1 hole and retest. What motor and what boat and what speed are we discussing here.
On my speed boat, I have the motor set so the zinc anode is clear of the water, however, I plugged the top water intake hole and elongated the lowest water intake hole.
This is a 1997 Mercury 115hp and speed is around 34mph motor trim down with a 17p prop.
What rpm is it running at?