A no-load mutual fund starts the year with $319 million in net assets and 23 million shares outstanding. It ends the year with $344 million in net assets, and 26 million shares outstanding. The fund made dividend distributions of $1.9 per share and capital gains distributions of $1.5 per share during the year. What was the rate of return on the fund for the year? Enter answer in percents, accurate to two decimal places.