Question: Please provide step by step instructions on how to calculate this in excel. An investor originally paid $22,000 for a vacant lot twelve years ago.

Please provide step by step instructions on how to calculate this in excel.

An investor originally paid $22,000 for a vacant lot twelve years ago. If the investor is able to sell the lot today for $62,000, what would his annual rate of return be on this investment (rounded to the nearest percent)?

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