Assume that an investor bought a stock today (t=0) for $105 and sold it for $140 at t=3. During the last year of his ownership the stock paid a dividend of $6. The price of the stock at t=1 was $115 and $130 at t=2. If the price of the stock had been $125 at t=2, then the Geometric mean rate of return would have been

a. the same b. lower c. cannot tell d. higher