The Yachtsman Fund Had NAV Per Share of $36

Multiple Choice

The Yachtsman Fund had NAV per share of $36.12 on January 1, 2018. On December 31 of the same year, the fund's NAV was $39.71. Income distributions were $0.64, and the fund had capital gain distributions of $1.13. Without considering taxes and transactions costs, what rate of return did an investor receive on the Yachtsman Fund last year?

A) 22.92%
B) 17.68%
C) 14.39%
D) 18.52%
E) 14.84%