Three and a half years ago you purchased 1400 units of a fund with a NAV of $16.75. The NAV is now $34.50 and the fund had a 6 percent redemption fee declining at 1 percent per year and based on the value of the holdings at the time of the transaction. What will be the proceeds if you sell it today?

a.

$48,300

b.

$46,851

c.

$49,749

d.

$40,797