You purchased 100 shares of the common stock in Brown-Forman three years ago for $50 per share. You incurred a transaction cost of $10 when you bought the shares. Over the past three years the firm has paid dividends totaling $3.55 per share. The stock currently trades for $77.44 per share.

a. Assuming that you sell the stock today and that you incur a $15 transaction fee on

the sale, what has been your three-year holding period return for your investment in Brown-Forman?