Bobby purchased an ordinary share for $20 immediately after its annual dividend payment of $1.50. The annual dividend grows by 2% p.a. forever. Bobby sold the share one year later for $25 immediately after he received the annual dividend. Which of the following can be used to calculate the total holding period return for Bobby?

25-20/25

25-20+1.5(1.02)/20

None

25-20+1.5+1.5(1.02)/20

25-20+1.5/20