Last year, you purchased a stock at a price of $50 a share. Over the course of the year, you received $1.6 in dividends and inflation averaged 2.7 percent. Today, you sold your shares for $54.5 a share. What is your approximate real rate of return on this investment?

14.7 percent

9.5 percent

12.2 percent

4.8 percent

14.9 percent