A mutual fund charges 6% front-end load and 1% operating and 12b-1 expenses. At the beginning of the year, the fund has $100 million assets under management and 10 million shares outstanding. During the year the value of assets held by the fund increases by 12% and the fund receives dividends of $1 million. What is the fund's NAV at the end of the year? (The number of mutual fund shares outstanding is still 10 million at the end of the year.)

		$11.09
		$10.42
		$10
		$11.19