The AJL Fund has a front-end load of 3\%, a back-end load of 5% and an expense ratio of 2%. NAV of the fund at the beginning of the year (t=0) is $20. During the year, the fund paid out dividend distributions of $1.00 to investors. Assume the stocks in the AJL Fund went up by 15% during the year. What is the NAV at year end (at=1) ? $20.77$21.77$22.54$23.54 None of the above