Sylvia Investments Ltd (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 cumdividend 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: (A) 6.31%pa (B) 0.72%pa (C) 1.44%pa (D) 8.99%pa