9. At the beginning of the year, a mutual fund has a NAV of $20. At the end of the year, the NAV is $21 and the fund has received no dividends or other distributions throughout the year. The return on the fund's benchmark over the same period of time was 10%. What was the return to investors in the fund? Did the fund's return to investors beat the benchmark return? (a) 5%; No, the fund did not beat its benchmark (b) 10%; No, the fund did not beat its benchmark (c) 15%; No, the fund did not beat its benchmark (d) 20%; Yes, the fund beat its benchmark (e) None of the above