An investor purchases a mutual fund for $17.50 per unit, expecting it to increase to $19.00 by the end of

the year. For the last five years, the fund had paid $1.75 in dividends. During the year he held the fund, it only paid $0.75 in dividends. Disappointed, the investor sold the fund for $18.95 per unit. What was the ex-post return for the year?

11.61%

12 57%

17.11%

18.57%