Calculate the holding period return for the following two investments:

Stocks

Purchase Price (beginning of the year) 5,000. Annual Dividend 250. Sale Price (end of the year) 4,000

Bonds

Purchase Price (beginning of the year)2,000. Annual Interest Income 200. Sale Price (end of the year) 3,000

In 2014 the firm paid $0.60 per share in annual dividends to the common stockholders. You observed that the firm paid $1.20/share in dividends in 2021. What is the annual dividend growth rate?