The Tiny Treasures Equity Fund has a NAV on January 1, 2016 of $22.50. It distributes dividend income of $1.75 per unit on January 1, 2017, $1.85 per unit on January 1, 2018, and $1.95 per unit on January 1, 2019. The NAV on January 1, 2019 is $28.30 immediately following the distribution. What annual compound return would an investor who bought the fund on January 1, 2016 and sold the fund on January 1, 2019 have earned before taxes, assuming any distributions were not reinvested in the fund? (2 marks) You may need to use Excel to answer this question. Enter your answer as a percentage to two decimal places. Number