You purchased 2,300 shares of the New Fund at a price of $20 per share at the beginning of the year. You paid a front-end load of 5%. The securities in which the fund invests increase in value by 12% during the year. The fund's expense ratio is 2.5%. What is your rate of return on the fund if you sell your shares at the end of the year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)