You are considering an investment in a mutual fund with a 5% load, an expense ratio of 0.6%, and a 12b-1 fee of 0.25%. You can invest instead in a bank CD paying 7% interest. Assume annual compounding. If you plan to invest for eight years, what annual rate of return (i.e. gross ret) must the fund portfolio earn for you to be better off in the fund than in the CD? Express your answer in percent and round it to 2 decimal places. For example, if your answer is 0.25456, then please write down 25.46 (without the percent sign).