An investor summarizes end-of-year cash outlays and proceeds from a two-year investment in a company's shares as follows:

Year | Outlays | Proceeds 0 | $100 to purchase the first share | --- 1 |$110 to purchase the second share | $10 dividend received from first share (not reinvested) 2 | --- |$230 received from selling two shares at $115 per share

The annualized time-weighted rate of return of the investment over the two-year period is closest to: