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7 . 1 4 An investor bought 1 0 0 shares of stock at a cost of $ 1 0 per share. He held the

7.14 An investor bought 100 shares of stock at a cost of $10 per share. He held the
stock for 15 years and then sold it for a total of $4,000. For the first three years,
he received no dividends. For each of the next seven years, he received total
dividends of $50 per year. For the remaining period, he received total dividends
of $100 per year. What rate of return did he make on the investment?
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