A fund has an initial NAV of $40 at the beginning of the month, makes income gain distribution of $0.5 and capital gain distribution of $0.5, and ends the month with NAV of $41.00. You make a one-month $1,000 investment on this fund during the same period. The class that you invest in comes with no front-end load but a back-end load of 4%. What is your rate of return?

a. 2.2%

b. 1.1%

c. 1.8%

d. 0.9%