Stan invested $15,000 in a mutual fund with a 4% load when the funds NAV was $10.00. Stan held his shares for three years before selling his shares when the funds NAV was $13.25. Stan received three annual year-end dividends of $0.50, $0.60, and $0.75 per share (his dividends were not reinvested). What annual return did Stan earn on his investment in the fund? Ignore other fees and operating expenses in calculating the return.

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