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5 . Jack buys 1 0 0 0 shares of Acme stock at $ 9 6 per share on January 1 , Year 1 .

5. Jack buys 1000 shares of Acme stock at $96 per share on January 1, Year 1. At the end of the first year (December 31, Year 1), he buys 100 more shares at $108 per share. At the end of the second year (December 31, Year 2), he buys another 100 shares for $125 per share. The stock pays a dividend of $2.00 per share on December 29th of each year. Acme is trading at $148.60 as of December 31, Year 3. What is the time weighted return for Acme since January 1, Year 1 to today?
(a)17.49%
(b)20.35%
(c)23.21%
(d)25.00%

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