Consider a no-load mutual fund with $200 million in assets and 10 million shares at the start of the year and with $250 million in assets and 11 million shares at the end of the year. During the year investors have received income distributions of $2 per share and capital gain distributions of $0.55 per share. Assuming that the fund carries no debt, what is the rate of return on the fund?

a. 23.05%

b. 22.44%

c. 26.39%

d. The answer cannot be determined from the information given.