You invest $45,000 in an open-end mutual fund with a front-end load of 3.75%, a management fee of 1.25%, and a 12b-1 fee of 0.50% (assume management and 12b-1 fees are taken out at the end of the year). If the fund has a 9.22% gross return over the year, how much would your investment be worth? What was your annual net rate of return?