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Three yearsago, you invested in the Future Investco Mutual Fund by purchasing 900 shares of the fund at a net asset value of $20.87 per

Three yearsago, you invested in the Future Investco Mutual Fund by purchasing 900 shares of the fund at a net asset value of $20.87 per share. Because you did not need theincome, you elected to reinvest all dividends and capital gains distributions.Today, you sell your 1,100 shares in this fund for $22.55 per share. What is the compounded rate of return on this investment over thethree-year period?

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