1A) What is the internal rate of return for the following investment: $10,000 invested at the beginning of the first year (now); $6,000 invested at the end of the first year; and $22,000 withdrawn at the end of the fourth year?

	a.	9.16%
	b.	4.62%
	c.	12.60%
	d.	18.82%

1B) Your parents intend to celebrate their 45^th wedding anniversary by taking a month-long trip to Africa. That trip will occur in seven years. They estimate that the cost will be $38,000. How much will they need to save at the beginning of each year (i.e., seven contributions) in order to accumulate the needed funds if the assets will earn a 6.8% rate of return?

	a.	$5,251
	b.	$3,516
	c.	$2,093
	d.	$4,137

1C) What is the expected arithmetic return of a security based on the following historical data?

Return 5 years ago = 17.0%

Return 4 years ago = 9.2%

Return 3 years ago = -2.2%

Return 2 years ago = -12.2%

Return last year = 32.0%

	a.	11.29%
	b.	8.76%
	c.	7.69%
	d.	14.52%