Gitman Chapter13

Chapter 13
Managing Your Own Portfolio
13.1 Learning Goal 1
1) Before analyzing needs and objectives, investors should first construct a portfolio.
Answer: FALSE
Question Status: New
2) Only stocks with low dividend yields should be considered for an investor who wants current
income.
Answer: FALSE
Question Status: Previous Edition
3) Utility stocks are often suitable for low-risk, current-income-oriented portfolios.
Answer: TRUE
4) An investment portfolio should be built around the needs of the individual investor.
Answer: TRUE
5) Asset allocation focuses on selecting specific securities within an asset class.
Answer: FALSE
6) An investorʹs portfolio should only contain securities that are suitable to the investorʹs goals and
needs.
Answer: TRUE
7) Marti is 31 years old and is saving for retirement. Which one of the following portfolio allocations
might best suit her situation if she is willing to accept a fair amount of risk in exchange for
long-term capital appreciation?
A) 60% bonds, 15% money funds and 25% real estate
B) 5% money funds, 10% bonds and 85% growth stocks
C) 25% bank CDs, 40% corporate bonds, 15% money market, 20% value stocks
D) 50% mortgage bonds, 5% money market, 45% municipal bonds
Answer: B
234 Gitman/Joehnk · Fundamentals of Investing, Tenth Edition
8) The primary emphasis of asset allocation is the
A) preservation of capital.
B) selection of individual securities within an asset class.
C) maximization of current income.
D) maximization of short-term profits.
Answer: A
9) Which one of the following provides the greatest reduction in total risk?
A) diversification
B) asset allocation
C) security selection
D) beta reduction
Answer: B
10) The fixed-weightings approach to asset allocation
A) is based on an allocation of an equal percentage of the portfolio to each separate asset
category.
B) requires periodic rebalancing of the portfolio to maintain the desired weights.
C) is based on periodic adjustments to category weights in response to market changes.
D) uses stock-index futures and bond futures in a market timing strategy.
Answer: B
11) An asset allocation plan should consider which of the following factors?
I. economic outlook
II. capital preservation
III. changing investment goals
IV. investor risk tolerance
A) II only
B) II, III and IV only
C) I, III and IV only
D) I, II, III and IV
Answer: D
Chapter 13 Managing Your Own Portfolio 235
12) Fred and Martha are in their seventies and retired. Which one of the following sets of portfolio
statistics might best suit their situation if their primary investment goal is current income with
limited risk?
A) beta of 0.83 and a dividend yield of 6.3%
B) beta of 0.86, and a dividend yield of 4.6%
C) beta of 1.6 and a dividend yield of 6.4%
D) beta of 1.1 and a dividend yield of 5.4%
Answer: A
13) Fixed weightings, flexible weightings, and tactical asset allocation are three approaches to asset
allocation. Compare and contrast these three different approaches.
Answer: The fixed weightings approach assigns a fixed percentage of the portfolio to each asset
category. This percentage is held constant over time. The flexible weightings approach
assigns a percentage of a portfolio to each asset category but these weightings are changed
periodically in response to changes in the overall market. Tactical asset allocation is a form of
market timing that uses stock-index futures and bond futures to change a portfolioʹs asset
allocation.
1) The key areas to monitor when evaluating your portfolio holdings are the overall performance of
both the economy and the financial markets, and the returns on your investments.
Answer: TRUE
2) Once you establish a portfolio designed to achieve your investment goals, you can relax and forget
about your investments until such time as you need the funds.
Answer: FALSE
3) Investors need to monitor economic and market activity to assess the potential impact these factors
can have on their investment portfolios.
Answer: TRUE
4) Most investment professionals consider the Dow Jones Industrial Average (DJIA) to be the most
appropriate comparative gauge for evaluating the investment performance of a broadly based
common stock portfolio.
Answer: FALSE
5) The S&P 500 Stock Composite Index and the NASDAQ Composite Index can be used to represent
the stock market as a whole.
Answer: TRUE
6) If an investorʹs portfolio is comprised of a broad range of common stocks, the best measure to use
as a basis of comparison of performance is the
A) Dow Jones Industrial Average (DJIA).
B) S&P 500 index.
C) Dow Jones Corporate Bond Index.
D) American Stock Exchange utilities index.
Answer: B
7) The holding period return (HPR) of oneʹs portfolio should be compared to investment goals
I. to assess whether the proper rate of return is being earned for the risk involved.
II. to be sure oneʹs portfolio is outperforming the S&P 500 Index.
III. to isolate any problem investments.
IV. to determine when to change benchmarks from the S&P 500 to the NASDAQ Composite Index.
A) I and III only
B) II and IV only
C) I, II, and III only
D) II, III, and IV only
Answer: A
8) The holding period return (HPR)
A) reflects only capital gains and losses for investment periods of one year or less.
B) calculates the annual dividend yield on stocks or current interest yield on bonds.
C) is the most appropriate measure of returns for an investment period exceeding one year.
D) can be used to determine the actual total return on stocks, bonds, and other investments for
periods of one year or less.
Answer: D
1) The holding period return measures only the capital appreciation of an investment.
Answer: FALSE
2) Returns for periods greater than one year should be measured using the internal rate of return.
Answer: TRUE
3) Holding period return (HPR) captures total return performance by considering current income and
capital gains and is most appropriate for holding periods of one year or less.
Answer: TRUE
4) A rational investor will require the same return from a corporate security as from a government
security.
Answer: FALSE
5) If the holding period return (HPR) of an investment is 20 percent before taxes for a nine month
period, an investor in the 30 percent tax bracket would have an after-tax HPR of 14 percent.
Answer: TRUE
6) The holding period return calculation for a portfolio time-weights portfolio additions and deletions
in accordance with the number of months they were in the portfolio.
Answer: TRUE
7) Only capital gains that have been realized should be included in the measurement of a portfolioʹs
return over a given period of time.
Answer: FALSE
8) Sharpeʹs measure is a measure of the risk premium per unit of total risk.
Answer: TRUE
9) For a stock investment, the dividend yield is calculated by
A) dividing a stockʹs annual cash dividend by its price.
B) dividing a stockʹs price by its annual cash dividend.
C) multiplying a stockʹs semi-annual dividend by two.
D) dividing the annual change in the stockʹs price plus its annual dividend amount by the
beginning of the year price.
Answer: A
10) Juanʹs investment portfolio was valued at $125,640 at the beginning of the year. During the year,
Juan received $603 in interest income and $298 in dividend income. Juan also sold shares of stock
and realized $1,459 in capital gains. Juanʹs portfolio is valued at $142,608 at the end of the year. All
income and realized gains were reinvested. No funds were contributed or withdrawn during the
year. What is the amount of income Juan must declare this year for income tax purposes?
A) $0
B) $901
C) $2,360
D) $19,328
Answer: C
11) On January 1, Stacyʹs portfolio was valued at $96,534. During the year Stacy received $3,285 in
interest and $4,100 in dividends. She also sold one stock at a gain of $850. The value of the portfolio
on December 31 of the same year was $113,201. At the end of June, Stacy withdrew $5,000 from the
portfolio. What is the holding period return for the year?
A) 25.1%
B) 25.8%
C) 26.5%
D) 27.2%
Answer: C
12) Six months ago, Suzanne purchased a stock for $28 a share. Today she sold the stock at a price of
$32 a share. During the time she owned the stock, she received a total of $1.30 in dividends per
share. What is her holding period return?
A) 16.6%
B) 18.9%
C) 33.2%
D) 37.8%
Answer: B
13) Ten months ago, Junior purchased a stock for $14 a share. The stock pays a quarterly dividend of
$0.50 per share. Today, Junior sold the stock for $15 a share. What is his holding period return?
A) 10.0%
B) 10.7%
C) 16.7%
D) 17.9%
Answer: D
14) Tim purchased a stock ten months ago for $14 a share, received a $1 dividend per share last month,
and sold the stock today for $16 per share. Tim has a marginal tax rate of 30%. Both capital gains
for securities held more than one year and dividend income is taxed at 15%. What is Timʹs after -tax
holding period return?
A) 14.1%
B) 15.9%
C) 16.1%
D) 18.2%
Answer: C
15) On February 19, 2004, Angela purchased 100 shares of ABC stock at a total cost of $1,712.50. She
received a total of $125.00 in dividends and sold the stock today, February 22, 2005. Her net
proceeds from the sale are $1,892.40. Angela has a combined state and federal marginal tax rate of
32%. Her combined state and federal tax rate on both her capital gains in excess of one year and her
dividend income is 18%. What is Angelaʹs after-tax holding period return on her investment in
ABC stock?
A) 11.0%
B) 12.1%
C) 13.2%
D) 14.6%
Answer: D
16) An investor in the 25% marginal tax bracket purchased a bond for $983, received $85 in interest,
and then sold the bond for $955 after holding it for six months. The tax rate for capital gains with
holding periods in excess of one year is 15%. What are the pre-tax and post-tax holding period
returns?
A) 5.8%; 4.3%
B) 6.0%; 4.5%
C) 5.8%; 4.5%
D) 6.0%; 4.3%
Answer: A
17) Maria purchased $5,000 of no-load mutual fund shares just over a year ago. She received $136 in
dividend income and $201 in long-term capital gains distributions. Today she sold her shares for
$5,062. Maria is in the 25% marginal tax bracket. Capital gains with holding periods in excess of
one year and dividend income are taxed at 15%. What is Mariaʹs after -tax holding period return?
A) 6.0%
B) 6.6%
C) 6.8%
D) 8.0%
Answer: C
18) On January 1, Timʹs portfolio was valued at $432,098. During the year Tim received $10,563 in
interest and $15,060 in dividends. He also sold stock at a net loss of $12,870 and used the proceeds
to purchase another stock. Tim did not contribute any more funds nor withdraw any funds during
the year. On December 31 of the same year, Timʹs portfolio was valued at $398,189. What is the
holding period return for the year?
A) -5.3%
B) -4.9%
C) -2.1%
D) -1.9%
Answer: D
1) Sharpeʹs measure of portfolio performance compares the risk premium on a portfolio to the
portfolioʹs standard deviation of return.
Answer: TRUE
2) Jensenʹs measure of portfolio performance compares the risk premium on a portfolio to the
portfolioʹs beta.
Answer: FALSE
3) Sharpeʹs measure, Treynorʹs measure, and Jensenʹs measure all focus on non-diversifiable risk.
Answer: FALSE
4) Sharpe measures total risk while Treynor and Jensen measure only systematic risk.
Answer: TRUE
5) A Jensen measure of 2.5% means that a security earned 2.5% more than the overall market.
Answer: FALSE
6) Portfolio revision is the ongoing process of systematically studying the issues in the portfolio and
selling certain issues and purchasing others as the means of maintaining a portfolio that best meets
the investorʹs objectives.
Answer: TRUE
7) Which of the following are reasons to consider selling an investment that is currently in a portfolio?
I. The investment has met the original objective.
II. Better investment opportunities currently exist.
III. The outlook for the investment has improved.
IV. The investment has not met expectations and no change is expected.
A) I, II and IV only
B) I, III and IV only
C) I, II and III only
Answer: A
8) A problem investment
A) requires immediate attention.
B) is one you would buy if you did not already own it.
C) is defined as any investment with unrealized losses.
D) should be left alone and given time to correct itself.
Answer: A
9) Michelle owns a portfolio that has a standard deviation of 13%, a beta of 1.05, and a total return of
10.5%. The risk-free rate is 4% and the overall market return is 9.8%. What is the value of Sharpeʹs
measure for Michelleʹs portfolio?
A) 0.05
B) 0.06
C) 0.50
D) 0.81
Answer: C
10) Ella owns a stock with a beta of 1.34 and a standard deviation of 16.4%. The stock has a total return
of 14.8%. The market risk premium is 8.5%, while the return on the market portfolio was 12.0%.
What is the value of Sharpeʹs measure for Ellaʹs portfolio?
A) 0.21
B) 0.38
C) 0.69
D) 0.90
Answer: C
11) Sharpeʹs measure of portfolio performance compares the risk premium on a portfolio to
A) a broad-based market index such as the S&P 500 index.
B) the portfolioʹs standard deviation of return.
C) the portfolioʹs beta.
D) the prevailing risk-free rate of return.
Answer: B
12) The Sharpeʹs measure for Jane Smithʹs investment portfolio is 0.40, while the Sharpeʹs measure for
the market is 0.30. This information suggests that Smithʹs portfolio
A) exhibits superior performance because its risk premium per unit of risk is above that of the
market.
B) exhibits poor performance because its risk premium per unit of risk is below that of the
market.
C) is inadequately diversified, and more securities should be added to the portfolio in order to
bring it in line with the market.
D) is overly diversified, and some securities should be sold to bring the portfolio in line with the
market.
Answer: A
13) Phil has a portfolio with a 13.2% total return. The beta of the portfolio is 1.48 and the standard
deviation is 13%. Currently, the risk-free rate of return is 4% and the overall market has a total
return of 11%. What is the value of Treynorʹs measure for Peterʹs portfolio?
A) 2.1%
B) 6.2%
C) 7.1%
D) 8.9%
Answer: B
14) A portfolio has a total return of 14.5%, a beta of 1.54, and a standard deviation of 17.6%. If the risk
free rate is 4.5% and the market return is 10.2%, then Treynorʹs measure of this portfolioʹs
performance is
A) 2.8%.
B) 3.7%.
C) 6.5%.
D) 9.4%.
Answer: C
15) A stock has a total return of 16.4%, a standard deviation of 14.5% and a beta of 1.63. The market
rate of return is 12.4%, while the marketʹs Treynor measure is 6.3. What is the value of the Treynor
measure of this portfolio?
A) 2.5%
B) 6.3%
C) 18.4%
D) 27.6%
Answer: B
16) Treynorʹs measure of portfolio performance focuses on
A) nondiversifiable risk.
B) diversifiable risk.
C) total risk.
D) the standard deviation of the portfolio.
Answer: A
17) A portfolio has a total return of 10.5%, a beta of 0.72 and a standard deviation of 6.3%. The risk free
rate is 3.8%, the market return is 12.4%. Jensenʹs measure of this portfolioʹs performance is
A) 0.5%.
B) 4.3%.
C) 7.9%.
D) 9.3%.
Answer: A
18) Which one of the following statements is correct if a portfolio has a Jensen measure of return of
zero?
A) The portfolio has a total return of zero percent.
B) The portfolio earned exactly its expected return on a risk-adjusted basis.
C) The portfolio outperformed the market on a risk-adjusted basis.
D) The market provides a better return on a risk-adjusted basis.
Answer: B
19) Which of the following statements about Jensenʹs measure are correct?
I. Through its use of the capital asset pricing model, Jensenʹs measure automatically adjusts for
market return.
II. In general, the higher the Jensenʹs measure, the better a portfolio has performed.
III. Jensenʹs measure is referred to as alpha.
IV. A positive Jensenʹs measure indicates an investment has underperformed the market on a
risk-adjusted basis.
A) I and IV only
B) I, II and III only
C) II and III only
D) I, III and IV only
Answer: B
20) The process of selling certain issues in a portfolio and purchasing new ones to replace them is
known as
A) portfolio revision.
B) market timing.
C) red herring baiting.
D) dollar cost averaging.
Answer: A
21) One year ago, Matt bought 100 shares of ACE Corp. stock for $5,619 including commission. He is
about to sell the ACE stock for $6,528 net of commissions. When he made the purchase the S&P 500
index was at 907; now it is 1070. The beta of ACE stock is 0.98, and the marketʹs risk -free rate is
4.0%. No dividends were paid. Based on Jensenʹs measure, did Matt make a good purchase?
Answer: HPR (ACE) =($6,528 - $5,619)/$5,619 = 16.18%

HPR (S&P 500) = (1070 - 0907)/907 = 17.97%
Jensenʹs Measure = (16.18% - 4.0%) - [0.98 (17.97% - 4.0%)]
= 12.18% - 13.69% = -1.51%
Therefore, Matt made a bad investment, since the stock has an excess return of -1.51% which
means the stock earned 1.51% less than it should have on a risk -adjusted basis.
22) The Witney Growth Fund, a no-load mutual fund, had a net asset value per share of $54.28 one
year ago. Its current net asset value is $56.93. During the year it paid out dividends and capital
gains of $2.08 per share. It has a beta value of 1.75. Over the same period the market return was
6.4% and the risk-free rate of return was 3.5%.
(a) Calculate Treynorʹs measure for the Witney Growth Fund. (Show all work.)
(b) Based on Treynorʹs measure, how did the fund perform in relation to the overall market?
Answer: (a) HPR (fund) =[$2.08 + ($56.93 - $54.28)]/$54.28 = 8.71%

Treynorʹs (fund) = (8.71% - 3.5%)/1.75 = 2.98%
(b) Treynor (market) = (6.4% - 3.5%)/1.00 = 2.90%
The fact that Trynorʹs measure of 2.98% for the Witney Growth Fund is greater than the
2.90% measure for the market indicates that the fundʹs performance is superior to the
market. That is, the fundʹs risk premium per unit of nondiversifiable risk is greater than that
of the market.
23) Explain the type of risk measured by each of the following measures. Also identify the factor in
each formula that determines the type of risk that is being measured.
(a) Jensenʹs measure
(b) Sharpeʹs measure
(c) Treynorʹs measure
Answer:
Measure Type of Risk Determining Factor
(a) Jensenʹs measure Nondiversifiable Beta (in the CAPM formula)
(b) Sharpeʹs measure Total Standard deviation
(c) Treynorʹs measure Nondiversifiable Beta
1) Formula plans are high-risk investment strategies that attempt to benefit from cyclical price
movements.
Answer: FALSE
2) Dollar cost averaging is a formula plan to purchase the same number of shares of stock at regular
intervals of time.
Answer: FALSE
3) Dollar cost averaging is a formula plan which automatically causes investors to purchase more
shares when the price is low and purchase fewer shares when the price is high.
Answer: TRUE
4) A constant-ratio plan requires an investor to continually rebalance the portfolio.
Answer: FALSE
5) Which one of the following statements concerning formula plans is correct?
A) The use of subjective judgment is important to the routine administration of most formula
plans.
B) Formula plans are based on the adherence to a mechanical set of rules with regard to when to
buy and/or sell.
C) The objective of most formula plans is to maximize profits.
D) Securities with very stable prices are best suited to nearly all formula plans.
Answer: B
6) Dollar cost averaging is a procedure by which an investor
A) buys more stock as its price increases.
B) times investments in order to buy low and sell high.
C) invests a fixed dollar amount in a security at fixed intervals.
D) maintains a constant ratio of conservative and aggressive investments.
Answer: C
7) Which one of the following statements is correct concerning dollar cost averaging plans?
A) Dollar cost averaging is an active trading strategy.
B) Dollar cost averaging is a short-term trading strategy.
C) The goal of dollar cost averaging is current dividend income.
D) The goal of dollar cost averaging is long-term capital appreciation.
Answer: D
8) The formula plan that requires maintaining a target dollar investment in the speculative portion of
an investorʹs portfolio is the
A) most passive of all the formula plans.
B) target return plan.
C) constant ratio plan.
D) constant dollar plan.
Answer: D
9) If a constant-dollar plan portfolio is profitable over the long run, the __________ in value over time.
A) conservative portion will increase
B) conservative portion will remain constant
C) aggressive portion will decrease
D) entire portfolio will remain constant
Answer: A
10) The constant-ratio plan
A) requires the establishment of trigger points for portfolio rebalancing.
B) utilizes a predetermined ratio between desired current yield and expected capital gains.
C) strictly adheres to a buy-and-hold strategy.
D) is an attempt to time the cyclical movements of the market.
Answer: A
11) The formula plan which requires the greatest management attention and is also the most
aggressive is called the ________ plan.
A) dollar cost averaging
B) constant dollar
C) constant ratio
D) variable ratio
Answer: D
12) The theory behind the variable ratio plan is to
A) passively buy and hold a wide variety of securities.
B) time the cyclical movements of the stock market and thereby ʺbuy low and sell high.ʺ
C) avoid selling any security for a capital gain, and thus indefinitely avoiding the capital gains
tax.
D) keep the unit cost of the portfolio at a constant level.
Answer: B
13) Under the variable-ratio plan, additional speculative investments are made when the ratio
A) of conservative investments to speculative investments increases by 10%.
B) of the rate of return on the speculative investments exceeds the overall market return by 1%
or more.
C) of the realized rate of return falls below the desired rate of return by 1% or more.
D) of the value of the speculative investments to the total portfolio value drops below a
predetermined level.
Answer: D
14) An investor adopts a policy of investing in both an aggressive mutual fund and a short-term bond
fund. When the value of the aggressive fund exceeds 65% of the portfolio value, shares of that fund
are sold such that the aggressive fund represents only 45% of the portfolio. This is an example of a
__________ plan.
A) constant-dollar
B) dollar-cost averaging
C) constant-ratio
D) variable-ratio
Answer: D
15) Dollar-cost averaging plans and constant-dollar plans are both formula approaches to portfolio
management. Briefly explain the two plans.
Answer: Dollar-cost averaging involves investing a fixed dollar amount in a security at fixed
intervals. Itʹs a passive buy-and-hold strategy. If the price of the security declines, more
shares are bought; if the price rises, fewer shares are bought. A constant dollar plan divides a
portfolio into a speculative and a conservative part. The target dollar amount for the
speculative portion is constant, and the investor establishes trigger points at which funds are
added to or removed from that portion. For example, if the speculative part goes up, funds
are skimmed off and put into the conservative part.
1) A stop-loss order guarantees that an investorʹs unrealized profit will be protected.
Answer: FALSE
2) If an investor has a loss position in an investment and wants to sell it, the best time to sell for tax
purposes is when a capital gain is available against which the loss can be applied.
Answer: TRUE
3) The maximum capital loss that can be applied to ordinary income for income tax purposes in any
one year is $3000.
Answer: TRUE
4) Taxes are the primary concern when deciding if an investment should be sold.
Answer: FALSE
5) Over a period of time if an investment has not met its return objective, it should be sold.
Answer: TRUE
6) The primary risk in using a GTC limit sell order rather than a market order is that
A) the market price may exceed the limit price when the order is placed.
B) the limit order may not be executed.
C) the limit order may be executed at a price above the market price.
D) the limit order expires at the end of the day and may not be executed.
Answer: B
7) Which of the following are characteristics of stop-loss orders?
I. the risk of whipsawing
II. the ability to limit downside losses
III. the guaranteed execution within the order period
IV. the conversion to a market order
A) I and II only
B) III and IV only
C) I, II and IV only
D) II, III and IV only
Answer: C
8) Suppose the shares of the Chickadee Corporation traded seven times in the following sequence one
day last week: 46, 45.88, 45.75, 45.50, 45.63, 46, 46.13. In this case, a limit order to sell at 46 would
have been executed
A) between 46 and 46.13, whereas a market order to sell could have been executed anywhere
between 45.50 and 46.13.
B) anywhere between 45.50 and 46.13, whereas a market order to sell would have been executed
only at 46.
C) only at 46, whereas a market order to sell would have been executed at 46.13.
D) only at 46.13, and a market order to sell would have been executed between 46 and 46.13.
Answer: A
9) The two primary media for warehousing liquidity are
A) money market mutual funds and money market deposit accounts.
B) certificates of deposit and short-term bond funds.
C) certificates of deposit and long-term bond funds.
D) short-term bond funds and asset allocation funds.
Answer: A
10) Which of the following are reasons why a person may want to warehouse liquidity?
I. protect against total loss
II. ability to exploit future opportunities
III. capitalize on the high rates of return available on cash
IV. protect against the need to disturb the existing portfolio
A) I and II only
B) I, II and IV only
C) II, III and IV only
Answer: B
11) One important tax rule concerning capital losses is that
A) capital losses are always fully deductible.
B) a maximum of $3,000 of losses in excess of capital gains can be written off against other
income in any one year.
C) a maximum of $10,000 of losses in excess of capital gains can be written off against other
income in any one year.
D) capital losses are never deductible.
Answer: B
12) Which of the following are generally considered to be good investment guidelines?
I. Sell any security that has become riskier than anticipated.
II. Hold all securities until they produce the highest profit attainable.
III. Sell securities only if the profit can be offset with a tax loss.
IV. Sell any security that no longer meets the needs of the investor.
A) I and IV only
B) I and III only
C) I, II and IV only
Answer: A
13) Explain the use of limit orders and stop-loss orders in rebalancing an investorʹs stock portfolio.
What are the principal risks in using these orders?
Answer: Limit orders can be used to buy or sell securities. They can ensure that an investor buys only
at or below his or her desired purchase price or sells only at or above the desired price. The
risk is the order might not be executed. The stop-loss order can be used to limit the
downside loss exposure of an investment, or to protect a profit. The principal risk is
whipsawingwhere a stock temporarily drops then bounces back up after an investor has
sold it at the low price.

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Answer: HPR (ACE) =($6,528 - $5,619)/$5,619 = 16.18%

Answer: (a) HPR (fund) =[$2.08 + ($56.93 - $54.28)]/$54.28 = 8.71%

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