Over a period of two years you made 24 monthly purchases of, Business Economics

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Over a period of two years you made 24 monthly purchases of

Over a period of two years, you made 24 monthly purchases of a stock. You paid $500 for the first month, and increased by $10 per month thereafter. At the end of the two years, you sold all the stock for a total of $18,000. What effective annual rate of return did you receive on this investment? (Hint: Find the monthly ROR first. Show your detailed steps of trial and error, interpolation.)

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Business Economics: Over a period of two years you made 24 monthly purchases of

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