A noload mutual fund had NAV per share of $24.00 on January 1. On December 31 of the same year the fund's NAV was $27.95. Income distributions were $1.05 and the fund had capital gain distributions of $1.95. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year? Enter your answer rounded to two decimal places. Do not enter % in the answer box. For example, if your answer is 0.12345 or 12.345% then enter as 12.35 in the answer box.