Consider three investors:

a. Mr. Single invests for one year.

b. Ms. Double invests for two years.

c. Mrs. Triple invests for three years.

Company Zs earnings and dividends per share are expected to grow indefinitely by 5% a year, the next years dividend is $10 and the market capitalization rate is 8%.

Assume each invests in company Z, what is the expected rate of return? (Do not round intermediate calculations. Round your answers to 2 decimal places.)