1. Mr. Creighton inherited $950,000. What annual rate of return must Mr. Creighton earn to make it work $3 million at the end of the 10th year?
2. If Mr. Creighton invest the inheritance at 17% annual return, how long should he have to wait to make it worth $2 million?
3. Joyce bought a rental house for $750,000. She rented it for 7 years at $3,500/month. At the end of the 7th year, she sold it for $900,000. What was her average annual rate of return on this investment? (assume no other cash flow)?