4-22: WASHINGTON-PACIFIC INVESTED $4 MILLION TO BUY A TRACT OF LAND AND PLANT SOME YOUNG PINE TREES. THE TREES CAN BE…

4-22:

Washington-Pacific invested $4 million to buy a tract of land and plant some young pine trees. The trees can be harvested in 10 years, at which time W-P plans to sell the forest at an expected price of $8 million. What is W-P’s expected rate of return?

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