eBook Chapter 13 Financial Planning Exercise 7 Calculating approximate yield on mutual fund About a year ago, Elliot Cox bought some shares in the Axis Fund. He bought the fund at $25.00 a share, and it now trades at $26.00. Last year, the fund paid dividends of 60 cents a share and had capital gains distributions of $2.70 a share. a. Using the approximate yield formula, what rate of return did Elliot earn on his investment? Round the answer to two decimal places. % b. Repeat the calculation using a financial calculator. Round the answer to two decimal places. c. Would he have made a 20% rate of return if the stock had risen to $30 a share? -Select