Last year at this time, a mutual fund had an NAV of $26.40 per share. Over the past year the fund paid dividends of $1.40 per share and had a capital gains distribution of $1.20 per share. What is the holding period return assuming that the current NAV is $28.84?

A.

23.6%

B.

17.5%

C.

14.5%

D.

19.1%