Example .Suppose an investor buys a share of stock and sells the stock one year later at a price of $60. The stock did not pay dividend and his pre-tax return was 10%. At what price did he buy his share? t-1 r-1 1-1 If dividend income is taxed at a 28% rate and capital gains are taxed at 20%, what was the investor's after-tax holding period return? . HRPA-,- (Pt-Pt-1)(1-tc) + Dt(1-tp) Pt-1 ro=5455