Bobby Invested $1,000 for Five Years

Multiple Choice

Bobby invested $1,000 for five years. For the first two years he earned 9% compounded monthly. For the next two years he earned 11% compounded quarterly. For the final year he earned 14% compounded semi-annually. What was his effective rate of return over the five years?

A) 14.49%
B) 11.22%
C) 10.80%
D) 13.38%
E) 13.99%