Suppose you purchased $2,000$ shares in the New Pacific Growth Fund on January $12,2022,$ at an offering price of $$47\mathrm{.}10$ per share. The front$-$end load for this fund is $5$ percent, and the back$-$end load for redemptions within one year is $2$ percent. The underlying assets in this mutual fund appreciate $($including reinvested dividends$)$ by $8\mathrm{.}5$ percent during $2022,$ and you sell back your shares at the end of the year.

If the operating expense ratio for the New Pacific Growth Fund is $1\mathrm{.}95$ percent, what is your percentage rate of return from this investment? $($Assume that the operating expense is netted against the fund's return.$)$

$($PRACTICE ONLY$)$ What do you conclude about the impact of fees in evaluating mutual fund performance?

Note: The rate of return must be calculated as HPR $=($Terminal Equity$-$ Initial Equity$)/$ Initial Equity.