ou are the manager of the Mighty Fine mutual fund. The following table reflects the activity of the fund during the last quarter. The fund started the quarter on January 1 with a balance of $40 million. Mighty Fine Mutual Fund Monthly Data (measured at end of month) January February March Net inflows ($ million) 6.1 3.8 0 HPR (%) 3.50 6.50 2.80 Required: a. Calculate the quarterly arithmetic average return on the fund. (Do not round intermediate calculations. Round your answer to 2 decimal places.)