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 Bippitybop's shareholding is by corporate investors which are exempted from paying tax on dividends. The cost of equity with respect to the firm is 12%. Required: How long (in years to two decimal places) do Bippitybop Ltd's investors hold on to their shares, on average, before collecting their capital gains? (6 marks) 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 Bippitybop's shareholding is by corporate investors which are exempted from paying tax on dividends. The cost of equity with respect to the firm is 12%. Required: How long (in years to two decimal places) do Bippitybop Ltd's investors hold on to their shares, on average, before collecting their capital gains? (6 marks)