P13.9 On 1 January 2011, Simon’s share portfolio of 15 companies had a market value of

$264 000. At the end of May 2011, Simon sold one of the shares, which had a beginning-of-year value of $26 300, for $31 500. He did not reinvest those or any other funds in the portfolio during the year. He received total dividends in his portfolio of $12 500 during the year. On 31 December 2011, Simon’s portfolio had a market value of $250 000. Find the HPR on Simon’s portfolio during the year ended 31 December 2011. (Measure the amount of withdrawn funds at their beginning-of-year value.)