Over the past five years a mutual fund experienced annual effective growth rates on

investments of 10%, 16%, -7%, 4%, and 32%. The fund manager suggests the fund

can advertise an average annual growth rate of 11% over the past five years since

(10+16-7+4+32)=5 = 11. If you had invested money at the beginning of the five-year

period, liquidated your investment afterfive years, and had made no further deposits

or withdrawals, what effective annual growth rate would you have experienced? Note:

growth rate = interest rate.