Ms. Brown purchases a house for $300,000. She borrows $200,000 from a mortgage

company at the rate of 4.5%. Consider interest paid on the loan as only cost of borrowing to Ms. Brown. She rent the property for $2,000 a month. She pays $6,000 property tax per year. The house maintenance costs each year is about $3,000. After 5 years she sells the property for $400,000. What is Ms. Browns average annual rate of return on this investment.