Jonathan purchased some corporate stock 8 years ago for $12,000. He received quarterly dividends of $225 at the end of each quarter for the first 5 years, nothing for the sixth year, and $250 at the end of each quarter for the last 2 years. Immediately after receiving the last quarterly dividend, Jonathan sold the stock for $15,385. What was his annual rate of return? (IRR) Round your rate to the nearest tenth of a percent.