2. 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
1/1		$30
3/31	$0.60	$32
6/30	$0.60	$33
9/30	$0.60	$35
12/31	$0.60	$35