1. The tax on long-term capital gains is 15%, and the tax on regular income is 35%. Eighty percent of the dividend qualifies for long-term capital gains treatment; the remainder is regular income. The investor held the stock for more than a year, so he receives long-term capital gains on the price appreciation. What is the after-tax total rate of return (price appreciation plus dividend minus taxes?? State your answer in dollars and cents.

2. What will be the next major innovation in finance? Explain