Consider a no-load mutual fund with $400 million in assets, 70 million in debt, and 15 million shares at the start of the year and with $454 million in assets, 40 million in debt, and 18 million shares at the end of the year. During the year, investors have received income distributions of $0.50 per share and capital gain distributions of $0.30 per share. What is the rate of return on the fund?

a.10.25%

b. 11.92%

c. 8.18%

d. 9.25%