15. You have $15,000 to invest in a mutual fund. You choose a fund with a 3.5% front load, a 1.75% management fee and a .5% 12b-1 fee. Assume that the management and 12b-1 fees are charged on year end assets for simplicity. The gross annual return on the funds shares was 12.50%. What was your net annual rate of return to the nearest basis point (Please show step by step)