You pay $22,000 to the Laramie Fund, which has a NAV of $18 per share at the beginning of the year. The fund deducted a front-end load of 6%. The securities in the fund increased in value by 10% during the year. The fund's expense ratio is 1.5% 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?

	10.36%
	6.89%
	1.85%
	5.31%