A no-load mutual fund starts the year with $322 million in net assets and 21 million shares outstanding. It ends the year with $346 million in net assets, and 27 million shares outstanding. The fund made dividend distributions of $1.1 per share and capital gains distributions of $1.7 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.