Cory has $200,000 invested in his Tax-Free Savings Account (TFSA). You have determined that the following asset allocation along with the projected return to be suitable for his investment portfolio: 

·30% Canadian Equities (expected return 5.7%) 

·20% United States Equities (expected return 6.3%) 

·10% Foreign Developed Market Equities (expected return 6.1%) 

·30% Foreign Emerging Market Equities (expected return 7.4%) 

·10% Fixed Income Assets (expected return 2.8%) 

He expects to pay 1% in investment management fees each year. 

What annual net nominal rate of return (to two decimal places) might Cory expect to earn on his investments?