A no-load mutual fund has $400 million in assets and 10 million shares at the start of the year, and $450 million in assets and 11 million shares at the end of the year. During the year investors have received income distributions of $1 per share, and capital gains distributions of $0.5 per share. Assuming that the fund carries no debt, and what is the rate of return on the fund?

A. 2.3%

B. 12.5%

C. 6.02%

D. 4.8%