Find the after-tax return to a corporation that buys a share of preferred stock at $47, sells it at year-end at $47, and receives a $5 year-end dividend. The firm is in the 30% tax bracket.

Kindly note that the answers are not 9.68% nor 7.45%

Please could you show me how to get the right answer?

I did this way $5*30%=$1.5, $1.5*30%=$0.45, $5-$0.45=$4.55, $4.55/$47=0.0968 or 9.68%

* Answer is complete but not entirely correct. After-tax rate of 7.45 X % return Answer is complete but not entirely correct. After-tax rate of return 9.68 X % * Answer is complete but not entirely correct. After-tax rate of 7.45 X % return Answer is complete but not entirely correct. After-tax rate of return 9.68 X %