You Have $16,000 to Invest in a Mutual Fund with a NAV

You have $16,000 to invest in a mutual fund with a NAV = $45. You choose a fund with a 4 percent front load,a 1 percent management fee,and a 0.25 percent 12b-1 fee. Assume that the management and 12b-1 fees are charged on year-end assets. The gross annual return on the fund's shares was 9 percent. What was your net annual rate of return to the nearest basis point?

A) 3.33 percent
B) 7.64 percent
C) 6.25 percent
D) 4.52 percent
E) 4.64 percent