You plan to sell mutual fund XYZ after holding it for 2 years. You purchased 1,000 shares at $25 and earned a 10% return, compounded monthly. The fund is a back-end load fund with a deferred sales charge of 5%.

Based on the above, what are the net proceeds that you could expect to receive after selling mutual fund XYZ after 2 years?

1. $28,984

2. $29,900

3. $30,510

4. $31,235