The Emerging Fund is a new closed-end fund which just offered its shares to the public. The fund raised $75 million and each share sold for $20. The fee for the fund promoter was 4.80 percent of the initial proceeds. What was the value of your initial $20,000 purchase before the shares began trading in the marketplace?

A)$18,430 B)$20,000 C)$18,708 D)$19,040 E)$20,735