Consider a no-load mutual fund with $350 million in assets and 14 million shares at the start of the year and with $400 million in assets and 15 million shares at the end of the year. During the year investors have received income distributions of $3 per share and capital gain distributions of $.35 per share. Assuming that the fund carries no debt, and that the total expense ratio is 1% of the year-end assets, what is the rate of return on the fund?

a. 17.99%

b. 26.75%

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

d. 19.00%