Three years ago, you invested in the Future Investco Mutual Fund by purchasing 600 shares of the fund at the price of $20.97 per share. Because you did not need the income, you elected to reinvest all dividends and capital gains distributions. Today, you sell your 650 shares in this fund for $22.27 per share. If there were a 2% load on this fund, what would your rate of return be?

The compounded rate of return on this investment over the three-year period is %. (Round to two decimal places.)