San Diego broker Cal Abrams has avoided the technological trend of the past 20 years. Finally, he's jumped online and realized what the buzz is about: He can potentially reach MILLIONS of customers just by running one little advertisement! When he talks to his salespeople, they tell him it's not as easy as that. In California, there are regulations to follow. He's ashamed to admit it, but since he was never interested in the Internet or "that new Web thing," he's not paid much attention to these regulations, and in fact, he had forgotten all about them until his salespeople reminded him. What must Cal do if he wants to advertise on the Internet

An investor purchases 500 shares of nevada industries common stock for $22.00 per share today. at t = 1 year, this investor receives a $0.42 per share dividend (which is not reinvested) on the 500 shares and purchases an additional 500 shares for $24.75 per share. at t = 2 years, he receives another $0.42 (not reinvested) per share dividend on 1,000 shares and purchases 600 more shares for $31.25 per share. at t = 3 years, he sells 1,000 of the shares for $35.50 per share and the remaining 600 shares at $36.00 per share, but receives no dividends. assuming no commissions or taxes, the money-weighted rate of return received on this investment is closest to: