Emerald Energy is an oil exploration and production company that trades on the London stock market. Over the past year, the stock price has appreciated 20 percent in pound terms, but over the same period, the exchange rate has changed from $1.00 = 0.5 to $1.00 = 0.5556. Calculate the investor's annual percentage rate of return in terms of the U.S. dollars.

• A. 28%
• B. 8%
• C. 3.5%
• D. 9.25%