Please explain whether there is a need to minus the dividend ($0.60) to get NAV. Thank you.

The KDL Fund has a front-end load of 3%, a back-end load of 2% and an expense ratio of 1%. NAV of the fund at the beginning of the year (t=0) is $20. During the year, the fund paid out dividend distributions of $0.60 to investors. Assume the stocks in the KDL Fund went down by 10% during the year. What is the NAV at year end (at t=1)?

a $17.22

b $17.82

c $18.00

d $18.42

e None of the above