Pandora Mutual Fund Company offers a load mutual fund with a load fee that has an up- front commission charge of 2.5% of the amount invested and is deducted from the original funds invested. In addition, annual fund operating expenses are 0.55%. Note that the annual fees are charged on the average NAV invested in the fund and are recorded at the end of each year. James wants to invest $20,000 in this fund for 2 years. Investments in the fund return 7% each year paid on the last day of the year. If James plans to reinvest the annual returns paid on the investment, what will be his annual return on the mutual fund over the 2-year period?