Last year your friend, who has not taken this investments class, invested $28 thousand into a fund with a 3.5% front-end load, a 1.4% annual expense ratio, and a NAV of $38.56 per share. The securities in the fund increased by 8.4 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.