1. The CQL Fund has a front-end load of 0%, a back-end load of 15%, and an expense ratio of 0%. NAV of the fund at the beginning of the year (t=0) is $20. During the year, the fund paid out dividend distributions of $0.50 to investors. At the end of year, the NAV is $25. If an investor sells her fund shares at the end of the year, what is her investment return?

   		6.25%
   		7.00%
   		8.75%
   		25.63%
   		None of the above