Nicole purchased 4,000 shares of TC Energy Corporation in January 2022 at a price of $54 per share. She expects the company to pay annual dividends of $3.50 per share indefinitely. Dividend income will be reinvested annually. Based on analysts' forecasts, she expects these shares will hit $65 in 5 years. If all turns out as planned, what would be her 5-year effective annual return?

a. 13.89%

b. 44.68%

c. 52.78%

d. 9.83%