If a stock is purchased at the beginning of a year, a single dividend is paid at the end of the year and the stock is sold immediately after the dividend has been received. In this case

• A. the holding period return. is lower than the internal rate of return.
• B. the internal rate of return is lower than the holding period return.
• C. the internal rate of return equals the holding period return.
• D. it is not possible to calculate the internal rate of return.

A holding period return is calculated by adding the current income to the capital gains and dividing this sum by the

• A. selling price of the investment.
• B. average investment value.
• C. total income received.
• D. beginning investment value.