Problem $2-9($Algo$)$

$11\mathrm{.}12$

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 $$3$ yearpoints end dividend. The firm is in the $21\%$ tax bracket.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

After$-$tax rate of return