White Lion Homebuilders is considering investing in a one-year project that requires an initial investment of $475,000. To do so, it will have to issue new common stock and will incur a flotation cost of 2.00%. At the end of the year, the project is expected to produce a cash inflow of $550, 000 . The rate of return that White Lion expects to earn on its project (net of its flotation costs) is (rounded to two decimal places)