A year ago, Mr. Wilard divided his savings among four mutual funds as follow:

- 20% in bond fund with the rate of return of 10%

- 15% in money market fund with the rate of return of 4%

- 40% in Canadian Equity fund with the rate of return of -2(minus 2)%

- 25% in a global equity fund with the rate of return of 15%

What was the overall (average) rate of return on Mr. Wilard's portfolio?