The BangBang Drum Company Recently Raised Several Million Dollars in an Initial

The BangBang Drum Company recently raised several million dollars in an initial public offering. BangBang received $22 per share from the underwriter, the offering price was $25 per share, and
The market price rose to $28 on the first day of trading. The initial return investors earned on the
Stock was _______.

A) 12.0%
B) 13.6%
C) 24.0%
D) 27.3%
E) 30.0%