Last year, you purchased a stock at a price of $51.5 a share. Over the course of the year, you received $1.6 in dividends and inflation averaged 2.8 percent. Today, you sold your shares for $53.9 a share. What is your approximate real rate of return on this investment?

a. 2.5 percent

b. 5.0 percent

c. 10.6 percent

d. 7.8 percent

e. 10.3 percent