$7-$ Your cousin Jeremy has asked you to bankroll his proposed business painting

$7$ houses in the summer. He plans to operate the business for $5$ years to pay his way through college. He needs $$5000$ to purchase an old pickup, some ladders, a paint sprayer, and some other equipment. He is promising to pay you $$1500$ at the end of each summer $($for $5$ years$)$ in return. Calculate your annual rate of return. Contributed by Paul R$.$ McCright, University of S$$uth Florida