Julio Purchased 1,100 Shares of a Certain Stock for $26,750

Short Answer

Julio purchased 1,100 shares of a certain stock for $26,750 (including commissions). He sold the shares 5 year(s) later and received $32,500 after deducting commissions. Find the effective annual rate of return on his investment over the 5-year period. Round your answer to the nearest hundredth.
__________%