4. An investor purchased shares on 7/1/A for $600. During the year quarterly dividends of $3.50 per share were declared and paid. The market price of the stock on 12/31/A was $565. What is the investor's annual return?

a. negative 4.7%

b. negative 9.3%

c. negative 11.7%

d. negative 13.3 %

e. positive 2.3%