21) You purchased 400 shares of stock on margin 4 months ago. The initial margin requirement on your account is 60 percent and the maintenance margin is 34 percent. The call money rate is 4.6 percent and you pay 1.57 percent above that rate. The purchase price was $16 a share. Today, you sold these shares for $17 each. What is your annualized percentage rate of return?

22) Over the past five years, an investment produced annual returns of 16.5 percent, 21 percent, -18 percent, 4 percent, and 17 percent over the past five years, respectively. What is the percentage geometric average return?

23) At the beginning of the year, you invested $7,000 in a no-load mutual fund with a NAV of $25.7. At the end of the year, the fund distributed $1.1 per share in short-term earnings and $3.1 per share in long-term earnings. The end of year NAV was $24.3. What was your annual percentage rate of return on this investment?