An investor bought a stock for $19 (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 $7 (at t=1). Inflation over the past year (from t=0 to t=1) was 2% 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 -63.157895% pa.

b.

Nominal total return of -63.157895% pa.

c.

Real capital return of -62.421053% pa.

d.

Real income return of 0% pa.

e.

Real total return of -63.880289% pa.