Suppose you purchase 2 shares of ACME Inc. today at $20 per share. At the beginning of year 2 you buy 3 additional shares at $18 per share. At the end of year 2 you sell all your shares at $27 per share. The dollar-weighted return on this portfolio is approximately:

a.

25.0%

b.

21.7%

c.

28.2%

d.

22.6%

e.

18.4%