George bought an investment one year ago and just calculated his return on investment. He found that his purchasing power has increased by 15% as a result of his investment. If the inflation over the period was 4%, his _______________.

Note: (1+R) = (1+r)(1+h), but you don’t need calculation here.

A. real return on investment is more than 15%

B. nominal return on investment is more than 15%

C. nominal return on investment is 11%

D. real return on investment is equal to 4%