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Question 8 An investor bought 100 shares of stock. He held the stock...

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Finance

Question 8
An investor bought 100 shares of stock. He held the stock for 12 years and then sold it for a total of $3,000. For the first three years, he received
no dividends. For each of the next five years, he received total dividends of $45 per year. For the remaining period, he received total dividends
of $90 per year. The rate of return on the investment is 15%, what is the cost of each share?
$10.6
None of these.
$9.3
$9.8
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