Calculating approximate yield on mutual fund. About a year ago, Elliot Cox bought some shares in the Axis Fund. He bought the fund at

$24.50 a share, and it now trades at $26.00. Last year, the fund paid dividends of 40 cents a share and had capital gains distributions of $1.83 a share. Using the approximate yield formula, what rate of return did Elliot earn on his investment? Repeat the calculation using a financial calculator. Would he have made a 20 percent rate of return if the stock had risen to $30 a share? L01