Assume quarterly dividends are assumed to be reinvested immediately into the stock. Given the realized return of R$1,$ R$2,$ R$3,$ and R$4$ each quarter, then the annual realized return is calculated as:

A$.R_{\text{a}\text{n}\text{n}\text{u}\text{a}\text{l}}=\frac{R_1+R_2+R_3+R_4}{4}$

B$.R_{\text{a}\text{n}\text{n}\text{u}\text{a}\text{l}}=R_1+R_2+R_3+R_4$

C$.R_{\text{a}\text{n}\text{n}\text{u}\text{a}\text{l}}=(1+R_1)(1+R_2)(1+R_3)(1+R_4)$

D$.R_{\text{a}\text{n}\text{n}\text{u}\text{a}\text{l}}=(1+R_1)(1+R_2)(1+R_3)(1+R_4)-1$