A fund had a NAV per share of $19 on January 1, 2019. On December 31, 2019, the fund's NAV became $19.47. Income distributions were $0.75 and capital gain distributions were $1. Without accounting for taxes and transaction costs, what is the rate of return for an investor investing in the fund in 2019?

Select one:

a. 15.54%

b. 21.26%

c. 11.68%

d. 16.97%

e. 23.57%