An investor gathers the following information about a stock:
Stock price at t=0: $20
Dividend paid at t=1: $3
Stock price at t=1: $12
Dividend paid at t=2: $1
Stock price at t=2: $20
The investor purchased one unit of the stock at t=0 and sold it at t=2. If the dividends were not reinvested, the money-weighted rate of return is closest to:
