Clara Ponz opened an account with her broker with $650,000 at the beginning of the year for her to invest according to the investment objectives discussed. At the end of that first year, the value of his portfolio was $730,000. Clara had to withdraw $20,000 at the beginning of the second year due to a personal emergency. The second year ended with a total value of $755,000. The third year of investment ended at $775,000. Determine the time-weighted return for this period.

a. 6.05%

b. 7.85%

c. 7.03%

d. 6.90%