Date	Close	Dividends	Adj. Close
12/31/2015	150.64		148.57
11/18/2015	157.39	1.025	155.23
8/19/2015	145.87	1.025	142.93
5/20/2015	161.90	1.025	157.54
2/11/2015	164.48	1.025	159.04
1/2/2015	164.06		157.66

The following table presents select snapshots from the 2015 price and dividend history of the common stock for 3M, as obtained from Yahoo financial.

a) Using the closing price and the dividend data provided, what was the holding period return (HPR) for the stock in 2015?

b) Using adjusted closing prices only, what was the Total Return for the stock for the year?

c) Do your two estimates differ? Why?