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I'm thinking this question is not only expecting 5% as the answer and expects a calculation, but I'm not sure what to do. Anaya invests $1,000 in a...

I'm thinking this question is not only expecting 5% as the answer and expects a calculation, but I'm not sure what to do.

Anaya invests $1,000 in a mutual fund that has a 2% front-end load. The NAVPS at time of purchase is $20. Anaya sells her units at the end of the year when their value has risen by 5%. What is Anaya's one year return?


a)   3.0%

b)   2.9%

c)    4.5%

d)   5.0%

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