A risk consultant been asked to calculate holding period returns (HPRs) using different compounding assumptions. Specifically, she is analyzing a bond investment that has grown from $200 to $500 over the past four years. Assuming that this investment is compounded on a semiannual basis, what is its annual holding period return? A) 24.27% B) 37.50%. C) 25.74%. D) 18.75%