Consider a mutual fund with a 3% front load and with $500 million in assets at the start of the year, and 12 million shares outstanding. If the gross return on assets is 15% and the total expense ratio is 0.7% which will be charged at the end of the year based on the end of year value, The estimated rate of return on the fund for the first year is _._\%? (two decimal places, for example, 3.41 not 0.034)