Drew invested in the SP500 on the 1st of January 2017, and sold on the 1st of January 2019. The SP500 pays out one annual dividend at the end of the year. Drew reinvested the interim cash-flows back into the SP500. Which of the following is the correct calculation of the annualized HPR for this investment? P and D refer to the year-end price and dividend of the SP500, respectively. Assume the opening price of year t +1 is the same than closing price of year t. (a) 1+HPR=(B2018 )"? ( 1/2 P2018+D2018 P2017 P2017+D2017 P2016 P2018+D2018 P2017+D2017 P2017 P2016 1/2 P2018+D2018+D2017 P2016 (c) 1+HPR (d) 1+HPR = (P2018+P2018+D2017