Corporate Fund started the year with a net asset value of $12.50.

Corporate Fund started the year with a net asset value of $12.50. By year-end, its NAV equaled $12.10. The fund paid year-end distributions of income and capital gains of $1.50.

What was the rate of return to an investor in the fund? (Round your answer to 2 decimal places.)

Rate of return: 8.80%

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