What is the effective annual rate of return (EAR) for an investor who pays $1,100.47 for a bond with a 6.5% coupon and sells the bond two years later for $1,227.19? Assume that coupons are payable semiannually and reinvested at APR of 6%.

A) 23.9% B) 11.9% C) 14.7% D) 14.9% E) 11.3%