You observe the following stock prices over several years. Assume that the stock pays no dividends.

Year: 2005, 2006, 2007, 2008

Beginning of year price: $50, $55, $51, $54

# shares bought or sold: 100 bought, 50 bought, 75 sold, 75 sold

What are the annual holding period returns over the three full years(2005-2006, 2006-2007 and 2007-2008)? Assume each stock price given is for January 1 of the year indicated.

A. 10.0%, -7.27%, and 5.88%

B. 5.0%, -4.36%, and 5.88%

C. 10.0%, -2.0%, and 4.32%

D. none of the above