A mutual fund had NAV per share of $36.15 on January 1, 2018. On December 31 of the same year, the fund's rate of return for the year was 14.0%. Income distributions were $1.16, and the fund had capital gain distributions of $2.12. Without considering taxes and transactions costs, what ending NAV would you calculate? $37.93 $34.52 $44.69 $47.25 $36.28