You purchased shares of a mutual fund at a price of $12 per share at the beginning of the year and paid a front-end load of 4.75%. If the securities in which the fund invested increased in value by 9% during the year, and the fund's expense ratio was 1.5%, your return if you sold the fund at the end of the year would be

	A.	4.75%
	B.	3.54%
	C.	2.65%
	D.	2.39%
	E.	7.5%