On December 31, 2016, you purchased an acre of vacant land for a potential future development for $1 million. At the end of each year you assessed the value of this land to measure your investment return. On December 31, 2017 the land was worth $1.8 million. On December 31, 2018 the land was worth $2.5 million. On December 31, 2019 the land was worth $2 million. On December 31, 2020 you sold the land for $1.7 million. What is the annualized holding period return of this investment?

17.5%

12.47%

8.78%

10.67%

14.19%