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You purchased 1,230 shares of the New Fund at a price of $86 per share at the beginning of the year. You paid a front-end load of 9%. The securities in which the fund invests increase in value by 34% during the year. The fund's expense ratio is 2.3%.

What is your rate of return on the fund if you sell your shares at the end of the year? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)
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