If a stock is purchased at the beginning of a year, a single dividend is paid at the end of the year and the stock is sold immediately after the dividend has been received. In this case

A. The holding period return. is lower than the internal rate of return.

B. It is not possible to calculate the internal rate of return.

C. The internal rate of return equals the holding period return.

D. The internal rate of return is lower than the holding period return.