A hedge fund charges an incentive fee of 20% of any investment returns above the T-bill rate, which currently is 2.5% but is subject to a high water mark. In the first year, the fund suffers a loss of 4.6% What rate of return must it eam in the second year to be eligible for an incentive fee? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Rate of return %