John bought shares at a price of 76 three years ago. Today he sold the shares at 110. No dividend was paid during the period. The consumer price index stood at 232 on the day of purchase and 278 on the day of sale. What was the annual real return on investment?

A) Between 6% and 7%

B) Between 7% and 8%

C) Between 13% and 14%

D) Between 14% and 15%