Raahil purchases 100 shares of the Canadian Textile Fund at CAD 30 at the beginning of the year and was subject to a front-end load of 5%. The net asset value of the fund increased by 15% during the year while the fund's expense ratio was 1.3%. The annual return earned by Raahil if he sells at year's end is closest to:

a. 8.0%.

b. 8.7%.

c. 9.2%.

d. 13.7%.