You pay $22,500 to the Laramie Fund, which has a NAV of $28 per share at the beginning of the year. The fund deducted a front-end load of 3%. 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?

multiple choice

• 12.81%

• 5.10%

• 11.15%

• 12.86%