22. Raahil purchases 100 shares of the Canadian Textile Fund at CAD 30 at the beginning of the year and was subject to a front-end load of 5%. The net asset value of the fund increased by 15% during the year while the fund's expense ratio was 1.3%. The annual return earned by Raahil if he sells at year's end is closest to: A) 8.0% B) 8.7% C) 9.2% D) 13.7%