An investment advisor is working with a client to be sure that he understands the client's needs and preferences as he develops recommendations for the client's portfolio. as he speaks with the client, he ascertains that the client is willing to accept a reasonable level of risk in her portfolio. he further determines that the client expects to be fairly compensated for the level of risk that is assumed by a commensurate increase in value to her portfolio. the investment advisor believes that his client is:

An investor purchases 500 shares of nevada industries common stock for $22.00 per share today. at t = 1 year, this investor receives a $0.42 per share dividend (which is not reinvested) on the 500 shares and purchases an additional 500 shares for $24.75 per share. at t = 2 years, he receives another $0.42 (not reinvested) per share dividend on 1,000 shares and purchases 600 more shares for $31.25 per share. at t = 3 years, he sells 1,000 of the shares for $35.50 per share and the remaining 600 shares at $36.00 per share, but receives no dividends. assuming no commissions or taxes, the money-weighted rate of return received on this investment is closest to: