Josh Purchased 100 Shares of XOM for $76

Essay

Josh purchased 100 shares of XOM for $76.63 per share at the beginning of 2007.He received dividends per share of $1.37 (2007), $1.55 (2008), $1.66 (2009), $1.74 (2010), $1.85 (2011).At the end of 2011, just after receiving the last dividend, he sold the stock for $84.76.What was his average annual rate of return form both dividends and capital gains? (Hint: compute the IRR, assume that all dividends were received at the end of the year.)