a) You had an all-equity portfolio worth $300,000 as on January 1, 2019. As per your investment policy, you would rebalance your portfolio every six months if the value of any given stock in the portfolio exceeded $20,000. On June 30, 2019, you noted that Stock A, which was a part of your portfolio since January 1, 2019, had a market value of $25,000. Since this exceeded the $20,000 limit, you decided to sell it off and replace it with Stock B, which was worth $20,000. Your portfolio earned an aggregate dividend of $15,000 during the year and on December 31, 2019, your portfolio was worth $315,000. What was the HPR of your portfolio for the year 2019?