Find below the Companys financial statements for year 2525

.Balance Sheet, 12/31/2525 income, 1/1 12/31/2525

$4,650 Current assets $16,550 Debt Sales $200,800

$39,000 PP&E $27,100 Stockholders equity total costs$195,900

$43,650 Total assets$ 43,650 net income $4,900 dividends

$1,810 dividends

new retained earnings $3,090

For 2526 the asset turnover (salestotal assets), net profit margin (=net income sales), and payout ratio (=dividendsnet income) will be constant. The price-to-earnings ratio, 21.6 at year-end 2525, is expected to equal 28.1 at year-end 2526. The number of shares outstanding is 13550. The firm seeks maximum growth by relying on internal and external financing such that the debt-to-equity ratio remains constant. For the shareholder that buys a share at year-end 2525 and holds the stock through year-end 2526, what is the rate of return?

a. 53.6% b. 44.3% c. 36.6% d. 48.8% e. 40.3%