You pay $23,200 to the Laramie Fund, which has a NAV of $23 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 1.2% 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?

	16.73%
	11.06%
	2.16%
	12.39%