Assume one year ago you purchased a share of Facebook (FB) common stock and, over the

course of exactly one year you earned a total return of 14.5%. You have decided to cash out (sell

your investment) in FB and the current market price is $273.75 per share (so P₂₀₂₁ = $273.75).

Further, assume that of your total 14.5% return on the investment the dividend yield component

was 6.25%. Based on this information, what must have been the stock price in 2020 when you

made your investment in FB; that is, what was P₂₀₂₀ one year ago? Hint: Look at equation 11.1

on page 318 of our text and note that I have given you the left-hand-side term in that equation

(i.e., the 14.5%).