(Holding-period dollar gain and return)

Suppose you purchased 16 shares of Disney stock for $23.87 per share on May 1, 2012. On September 1 of the same year, you old 16 shares of the stock for $20.03. Calculate the holding-period dollar gain for the shares you sold, assuming no dividend was distributed, and the holding-period rate of return.

a. The holding-period dollar gain for the shares you sold is $_____ Enter a negative number if it is a loss. (Round to the nearest cent.)

b. The holding-period rate of return is %________ (Round to two decimal places.)