Ethan purchases 100 shares of JPMorgan (JPM) stock at $43 per share. While he owns the stock, he receives four dividend payments of $0.30 each per share. He then sells the stock for $48 per share.
a. What income did he earn in the holding period? [Hint: Be sure to note how the text differentiates between income and capital gains.]
b. What capital gain did he earn over the holding period?
c. What was his holding period return (HPR), in percent? Show work.