Consider a no-load mutual fund with $440 million in assets and 20 million shares at the start of the year and with $490 million in assets and 21 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 $.30 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?