An investor bought 150 shares in a fund for $20 per share. She realizes $2 per share during the first year and $1 per share during the second year. During the third year, she sells 75 of her shares at $20. What are the capital gains (or losses) the investor has made during the third year?

a) $0

b) $300 of gains

c) $150 of gains

d) $225 of losses