Last year your friend, who has not taken this investments class, invested $30 thousand into a fund with a 3.5\% front-end load, a 1.1% annual expense ratio, and a NAV of $37.73 per share. The securities in the fund increased by 11 percent over the course of a year, and your friend sold the fund. What was your friend's rate of return on this investment? Enter answer in percents, accurate to two decimal places