On January 1, 2014, Simon Loves portfolio of 15 common stocks, completely equity- financed, had a market value of $205,000. At the end of May 2014, Simon sold one of the stocks, which had a beginning-of-year value of $13,500, for $21,200. He did not reinvest those or any other funds in the portfolio during the year. He received total dividends from stocks in his portfolio of $9,600 during the year. On December 31, 2014, Simons portfolio had a market value of $245,000. Find the HPR on Simons portfolio during the year ended December 31, 2014. (Measure the amount of withdrawn funds at their beginning-of-year value.)

Select one: A. 33.50% B. 34.40% C. 25.8% D. 26.5%