Use a financial calculator or a program such as Excel to answer the questions. Round your answers to the nearest whole number.

a. You purchase a stock for $11,000 and collect $600 at the end of each year in dividends. You sell the stock for $12,400 after five years. What was the annual return on your $11,000 investment? %

b. You purchase a building for $920,000, collect annual rent (after expenses) of $130,000, and sell the building for $1,000,000 after six years. What is the annual return on this investment? %

c. You buy a stock for $1,000 and expect to sell it for $900 after five years but also expect to collect dividends of $130 a year. Calculate the return on this investment and prove that it is less than 13 percent. %