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Sylvia Investments Lid (SIL) bought 5,000,000 shares in Melbourne Beer Ltd at a price of $9.26 per share. A month later, the share paid a

Sylvia Investments Lid (SIL) bought 5,000,000 shares in Melbourne Beer Ltd at a price of $9.26 per share. A month later, the share paid a dividend of 22 cents per share. The cum- dividend share price was $8.84 and the ex-dividend share price was $8.62. 



A month after the dividend payment, SIL sold the shares for $9.16 per share. SIL's time-weighted rate of return (pa) using discrete compounding was closest to?

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