A year ago, the Sequoia Growth Fund was being quoted at an NAV of $27.16 and an offer price of $28.40; today, it's being quoted at $28.08 (NAV) and $28.70 (offer). Use the approximate yield formula or a handheld financial calculator to find the rate of return on this load fund; it was purchased a year ago, and its dividends and capital gains distributions over the year totaled $1.96 a share. (Hint:As an investor, you buy fund shares at the offer price and sell at the NAV.) Assume that the mutual fund distributed the dividends and capital gains at the end of the year.  

Round the answer to two decimal places. ________%