Let us assume you invest in a stock on Jan 1, 1990 that pays 3.07% dividend a year (to all shareholders who own stock on the 31st of the previous year) and that has the following share prices: Jan 1, 1990: 12.5 Jan 1, 1991: 14.7 Jan 1, 1992: 13.6 Jan 1, 1993: 15.7 Jan 1, 1994: 12.7 Jan 1, 1995: 16.6 The price at year-end is the same as the price at the beginning of the next year. If you buy 100 shares in the beginning of 1990 and keep the dividends in non-interest bearing cash, how much is your portfolio worth at the end of 1994