Zenia invested in the no-load Romaine Mutual Fund one year ago by purchasing 1,450 shares of the fund at a net asset value of $27 per share. The fund distributed $1.47 per share in dividends and $2.18 per share in capital gains. The net asset value of the fund today is $29 per share. If Romaine Mutual Fund had a front-end load charge of 1 percent, what would be the holding period return (HPR)? Assume the purchase price was $27 per share.

What's the holding period return?