An investor buys $16,000 worth of a stock priced at $20 per share using 60% initial margin. The broker charges 8% on the margin loan and requires a 35% maintenance margin. The stock pays a $0.50 per share dividend in one year and then the stock is sold at $23 per share. What was the investor's rate of return?

A.17.50%

B.19.67%

C.23.83%

D.25.75%