The following table represents the history of an investment in a company:

Time	Activity	Price per Share	Dividends Paid per Share
Beginning of Year 1	Purchase 10 shares	€160
End of Year 1	Purchase 5 shares	€168	€3.00
End of Year 2	---	€175	€4.00
End of Year 3	Sell 15 shares	€165	€0.00

The investor does not reinvest the dividends received. Ignoring taxes, the time-weighted rate of return on this investment is closest to: