Time Value Ex$.$ #$1$

On January $4,2000$ Mark Cuban purchased the Dallas Mavericks NBA team for a price of $$285$ million $($from H$.$ Ross Perot$).$ Twelve years later $($as of January $25,2012)$ Forbes magazine has valued the franchise at $$497$ million. What annualized rate of return has Mr$.$ Cuban earned on his investment? Show your answer to five decimal places.