茅台酒涨价是2012年备受关注的一件事。去年9月份左右，一瓶53度飞天茅台售价为728元，经过几番涨价，如今已达1260元。茅台酒价格上涨的原因可能是

①消费者对茅台酒的需求量增加　 ②茅台酒的社会劳动生产率提高

③2011年下半年粮食价格上升　 ④茅台酒供给量增加

A．①②

B．②③

C．①③

D．②④

Gary Michael, CFA, the portfolio manager of several aggressive-growth mutual funds. Michael opened a new account on 1 January 2010 with €850 000 and presented the following information:

As of 31 December 2011, the investor's annualized money-weighted rate of return since opening the account is closest to:（）

A. 2.0%

B. 12.47%

C. 20.23%