Assume that stock A was purchased for $100 at t = 0 and sold for $125 at t = 3. Also assume that the stock paid a $12 dividend in each of the three years that it was owned. Given the above information we may conclude that the IRR of this investment lies between:

a.20.20% and 20.80%

b.16.3% and 16.90%

c.18.70% and 19.30%

d.22.4% and 23.00%