The net asset value of the Ignite Aggressive Growth Fund increased from $18.50 to $25.75 from January through December. Income distributions are $0.85 and capital gain distributions are $1.15. In the absence of taxes and transaction costs, the one-year holding period return for the fund is closest to:

a. 28.15%.

b. 28.38%.

c. 39.19%.

d. 50.00%.