You went to Hawaii for Christmas and a developer offered you to buy a timeshare on Big Island. The timeshare would require you to pay $100,000 upfront, but would allow you stay in the timeshare property for the week of Christmas each year starting next year for 30 years. At the end of year 30, the developer would buy back the property from you for $100,000.

You really liked Hawaii so thought you would come every year for the next 30 years. But alternatively, you could rent an apartment with similar quality as the timeshare property for $500 a week during Christmas time.

Suppose that instead of living in the timeshare property yourself, you planned to rent it out to make some money. If you thought you could collect a rent of $600 each year, what would be your yearly rate of return over the 30 year period? Use formula to solve. Not calculator functions