Question $8$

Using the information below and an initial purchase of $100$ shares: Calculate the after$-$tax time$-$weighted

return, given a dividend tax rate of $15\%$ and a capital gains tax rate of $20\%.$

Date $ Dividend per share Market Price when Dividend Received

$\frac{1}{1}$

$\frac{3}{31}$

$$0\mathrm{.}60$

$$32$

$\frac{6}{30}$

$$0\mathrm{.}60$

$$33$

$\frac{9}{30}$

$$0\mathrm{.}60$

$\frac{12}{31}$

$$0\mathrm{.}60$

$$35$