Arthur purchases 200 shares of HMS stock for $23 per share. He then makes subsequent purchases at the end of the following years:

Year 1: 50 shares at $26 per share

Year 2: 75 shares at $29 per share

Year 3: 25 shares at $36 per share

At the end of the fourth year, HMS is trading at $41 per share. What is the annualized time-weighted return on the stock over the 4-year period? (Assume that no dividends were paid over the 4-year period)

13.85%

14.25%

15.00%

15.55%