An investor invests $111,000 in a managed fund at the beginning of Year 1. Over the course of the first year the value of the fund increases by $21679. At the end of Year 1, the investor invests another $43,000. Over the course of the second year the value of the fund falls by $18178. At the end of Year 2 the investor invests another $41,000. At the end of Year 3 the value of the fund has increased to $250297, which the investor then withdraws. What is the annual rate of return from this investment the point of view of the portfolio manager?

a. 11%

b. 9%

c. 14%

d. 10%