Randi purchases 500 shares of ADM stock for $25 per share and makes subsequent purchases at the end of the following years:

• Year 1: 100 shares at $26 per share
• Year 2: 200 shares at $28 per share
• Year 3: 100 shares at $32 per share

At the end of Year 4, no dividends have been paid, and ADM stock is trading for $40 per share. Calculate Randi's annualized dollar-weighted return on her investment for this four-year period.

A)

15.76%

B)

14.53%

C)

15.45%

D)

14.11%