What makes for a good investment? Use the approximate yield formula or a financial calculator to rank the following investments according to their expected returns.

a. Buy a stock for $45 a share, hold it for 3 years, and then sell it for $75 a share (the stock pays annual dividends of $3 a share).

b. Buy a security for $25, hold it for 2 years, and then sell it for $60 (current income on this security is zero).

c. Buy a 1-year, 12% note for $950 (assume that the note has a $1,000 par value and that it will be held to maturity).