Consider a no-load mutual fund with $390 million in assets and 15 million shares at the start of the year and with $440 million in assets and 16 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 $0.30 per share. Assuming that the fund carries no debt, and that the total expense ratio is 2%, what is the rate of return on the fund? Multiple Choice The answer cannot be determined from the information given. 12.50% 27.25% 12.06%