• The following table presents select snapshots from the 2015 price and dividend history of the common stock for 3M, as obtained from Yahoo financial.

Date	Close	Dividends	Adj. Close
12/31/2015	150.64	148.57
11/18/2015	157.39	1.025	155.23
8/19/2015	145.87	1.025	142.93
5/20/2015	161.90	1.025	157.54
2/11/2015	164.48	1.025	159.04
1/2/2015	164.06		157.66

• Using the closing price and the dividend data provided, what was the holding period return (HPR) for the stock in 2015?
• HPR= (End of Period Value-Beginning of Period Value)/Beginning of Period Value
  • HPR=[(150.64+4.1)-164.06]/164.06= -9.32/164.06= -0.056808
  • HPR= -0.056808
• Usingadjustedclosingpricesonly,whatwastheTotalReturnforthestockfortheyear?

• Do your two estimates differ? Why?