(b) Bippitybop Ltd is planning on paying a dividend of $2.00 per share. The cum-div share price is $15 and this falls to $13.60 on the ex-div day. Investors face a tax rate of 40% on dividend income and on capital gains; but 15 percent of Bippitybops shareholding is by corporate investors which are exempted from paying tax on dividends. The cost of equity with respect to the firm is 12%.

How long (in years to two decimal places) do Bippitybop Ltds investors hold on to their shares, on average, before collecting their capital gains?