A permanent endowment at Wartburg College is to award scholarships to engineering science students twice per year. The first awards are to be made beginning 11.5 years after a $2.2 million lump sum donation is made. If the interest from the endowment is intended to fund 8 students each semester (i.e. twice per year) in the amount of $7000 each semester, what nominal annual rate of return must the endowment fund earn?