The Office of Naval Research sponsors a contest for college students to build underwater robots that can perform a series of tasks without human intervention.
The University of Florida, with its Subju-Gator robot, won the $7000 first prize (and serious bragging rights) over 21 other universities. If the team spent $2000 for parts (at time 0) and the project took 2 years, what annual rate of return did the team make?