Suppose an individual invests $45,000 in a load mutual fund for two years. The load fee entails a back-end commission charge of 5 percent of the amount invested and is deducted at the time of withdrawal, after all other expenses. In addition, annual fund operating expenses (or 12b-1 fees) are 1.25 percent. The annual fees are charged on the average net asset value invested in the fund and are recorded at the end of each year. Investments in the fund return 8 percent each year paid on the last day of the year. If the investor reinvests the annual returns paid on the investment, calculate the annual return on the mutual funds over the two-year investment period (year 1, then year 2), assuming the investor withdraws all funds at the end of year 2.