Assume you buy a share of stock for $48 and hold it for two years. Your stock pays $1.5 and $1.72 dividends in year 1 and 2. At the end of the year 2, you sell the stock for $52.50. What is your holding period return (pre-tax)?

a. 15.42%

b. 16.08%

c. 20.18%

d. 14.29%