You pay $21,600 to the Laramie Fund, which has an NAV of $18 per share at the beginning of the year. The fund deducted a front-end load of 4% at the time of the purchase. The securities in the fund then increased in value by 10% during the year. The fund's expense ratio is 1.3% and is deducted from year-end asset values. What is your rate of return on the fund if you sell your shares at the end of the year? Select the answer closest to the correct return. (Hint: The formula on slide \#23 in the "Mutual Funds, ETFs, ..." slide set solves for the gross return. Your rate of return would be the gross return minus 1 . The formula on slide \#23 can be written as GrossReturn =(1f)(1+ra)n(1b) or as GrossReturn =XX(1f)(1+ra)n(1b) where X is the dollar amount invested. The other variables in the formula ( f,r,a,n,b) are all defined in the slide set and in the lecture.) 4.2% 10% 8.7% 4.7%