You pay $23,500 to the Laramie Fund, which has a NAV of $29 per share at the beginning of the year. The fund deducted a front-end load of 5%. The securities in the fund increased in value by 10% during the year. The fund's expense ratio is 1.5% and isdeducted 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?

a. 17.88%

b. 2.93%

c. 15.40%

d. 13.69%