An investor bought a stock for $13 (at t=0) and one year later it paid a $0 dividend (at t=1). Just after the dividend was paid, the stock price was $23 (at t=1). Inflation over the past year (from t=0 to t=1) was 8% pa, given as an effective annual rate. Which of the following statements is NOT correct? The stock investment produced a:

Select one:

a. Nominal capital return of 76.923077% pa.

b. Nominal income return of 0% pa.

c. Real capital return of 91.076923% pa.

d. Real income return of 0% pa.

e. Real total return of 63.817664% pa.