Using the data for 3M provided in the last question,

Compute the HPR for each one of the five sub-periods presented in the table.

Compute the Total Return for 2015 by compounding the five HPR estimates in a) back to back. How does your estimate compare to the one you obtained in Question 8b above? Why?

Answer a)
	HPR = Dividend + Appreciation in stock/Initial Investment
Dividend	Amount
Q1	1.025
Q2	1.025
Q3	1.025
Q4	1.025
Total	4.100
Appreciation in stock (Closing Price)
Price at beginning		164.06
Price at ending		150.64
Appreciation		(13.42)
	HPR = 4.10+(13.42)/164.06
	HPR = -5.68%
Answer b)
	HPR = Dividend + Appreciation in stock/Initial Investment
Dividend	Amount
Q1	1.025
Q2	1.025
Q3	1.025
Q4	1.025
Total	4.100
Appreciation in stock (Adj Closing Price)
Price at beginning		157.66
Price at ending		148.57
Appreciation		(9.09)
	HPR = 4.10+(9.09)/157.66
	HPR = -3.17%
Answer c)	Yes, Our estimates differ. Because Share price did not
	fall, As we expect. Therefore HPR improved.