A no-load mutual fund starts the year with $302 million in net assets and 22 million shares outstanding. It ends the year with $344 million in net assets, and 29 million shares outstanding. The fund made dividend distributions of $1.3 per share and capital gains distributions of $1.8 per share during the year. What was the rate of return on the fund for the year?

Enter answer in percents, accurate to two decimal places.