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## Using the approximate yield formula, what rate of return did Elliot earn on his investment? Round the answer to two decimal places.  % Repeat the calculation using a financial calculator. Round the answer to two decimal places.  % Would he have made a 20% rate of return if the stock had risen to \$30 a share? -Select-YesNoItem 3

 eBook Chapter 13Financial Planning Exercise 7Calculating approximate yield on mutual fund About a year ago, Elliot Cox bought some shares in the Axis Fund. He bought the fund at \$25.80 a share, and it now trades at \$26.30. Last year, the fund paid dividends of 51 cents a share and had capital gains distributions of \$1.03 a share.   Using the approximate yield formula, what rate of return did Elliot earn on his investment? Round the answer to two decimal places. % Repeat the calculation using a financial calculator. Round the answer to two decimal places. % Would he have made a 20% rate of return if the stock had risen to \$30 a share?-Select-YesNoItem 3
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