SOLUTION: An investment of $10,000 in the Emerging Country Debt Fund in 2001 was worth $24,780 in 2006 (www.money.com). Find the 5-year average annual return. I am so lost

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Question 174409: An investment of $10,000 in the Emerging Country Debt Fund in 2001 was worth $24,780 in 2006 (www.money.com). Find the 5-year average annual return.
I am so lost
Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
the return is 24780-10000=14780
the rate of return would be 14780/10000=1.48 or 148% over 5 years
:
to get the annual rate we must divide by the number of years of 5
:
highlight%28148%2F5=29.6%29% annual rate of return