5. You purchased 500 shares of the New Fund at a price of $30 per share at the beginning of the year. You paid a front-end load of 3%. The securities in which the fund invests increase in value by 15% during the year. The funds expense ratio is 1%. What is your rate of return on the fund if you sell your shares at the end of the year?

(Hints: (i) the offering price was above $30; (ii) calculate expenses as % of MV₀; (iii) subtract expenses from MV₁).