An investor pays $23,500 to a Mutual Fund which has a NAV of $29 per share at the beginning of the year. The fund deducted a front-end load of %5. The securities in the fund increased in value by 10% during the year. The fund's expense ratio is 1.5% and is deducted from year-end asset values. What is the investor's rate of return on the fund at the end of the year?

Please explain