You neighbor buys $21,240 worth of Apple stocks currently selling at $118 per share. The initial margin is equal to 45% and the maintenance margin is equal to 35%. The rate on the margin loan is 6%. After 1 year, the stock pays a $0.75 per share dividend and is sold for $134 per share. What was your neighbors rate of return? *

a. 17.5%

b. 22.81%

c. 24.21%

d. 46.43%

e. None of the above