An investor buys 100 shares of an open-end investment company with a 4% contingent deferred sales charge. The sales charge is reduced by 1% for every full year that the fund is held. The investor redeems the 100 shares at an NAV of $20 per share after holding them for 1 year and 2 months. The investor will receive:

A $1,880

B $1,900

C $1,920

D $1,940