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THE SCENARIO
Last week I was listening to a podcast about money, where the host was talking about an investor who'd built a fortune of $700 thousand in 1988 to $10 million in 2016 (numbers changed for anonymity's sake). The podcaster was comparing the investor's return with what it would have been if he'd just invested his money into the S&P 500 instead, but that's not the point of this post.
The question: What was the investor's average annualized return on his original $700 thousand over those decades? Assume monthly compounding, and assume that the values given are for January 1st of both years.
THE SOLUTION
This one's pretty straightforward.
The only thing ...
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