Last year your friend, who has not taken this investments class, invested $21 thousand into a fund with a 4.8% front-end load, a 1.3% annual expense ratio, and a NAV of $36.75 per share. The securities in the fund increased by 8.9 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