Consider a no-load mutual fund with $250 million in assets and 10 million shares at the start of the year and with $300 million in assets and 11 million shares at the end of the year. During the year investors have received income distributions of $3 per share and capital gain distributions of $0.20 per share. Assuming that the fund carries no debt, and that the total expense ratio is 1%, what is the rate of return on the fund?