effective annual rate

Sigchi4life
Category:
Business & Finance
Price: $5 USD

Question description

Mary purchased 100 shares of Sweet Pea Co. stock at a price of $41.15 six months ago. She sold all stocks today for $47.62. During that period the stock paid dividends of $1.71 per share. What is Mary’s effective annual rate?

My professor came up with 43.71%. I just want to know how she got this answer. 

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