Last year your friend, who has not taken this investments class, invested $23 thousand into a fund with a 3.4% front-end load, a 1.5% annual expense ratio, and a NAV of $34.86 per share. The securities in the fund increased by 11.5 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