An investor deposited $10,000 into a portfolio at the beginning of the year. The portfolio increased by 8% by the end of the year. The investor withdrew half his funds and left the remaining on deposit. These funds increased by 20% over the next year. The investor then closed his account. The investor’s two year holding period return is
A: 8.0%
B: 14.0%
C: 16.6%
D: 18.8%
E: 20.0%