You pay $10,000 to the Laramie Fund which has a NAV of $10.00 per share at the beginning of the year. The fund then deducted a front-end load of 1%. Over the next 5 years the fund portfolio return before operating expenses will be 4%/year. If the annual operating expenses will be 1.5%, what is your investment worth at the end of 5 years?

a.$9,981

b.$10,978

c.$11,201

d.$11,921