You bought shares of a mutual fund at $20 per share at the beginning of the year and paid a front-end load of 5.75%. If the securities in the fund portfolio increased in value by 11% during the year, and the fund's expense ratio was 1.25%, what is your rate of return when you sold the fund at the end of the year?

Select one:

a. 5.68%

b. 2.45%

c. 6.87%

d. 3.44%

e. 4.33%