Bobby invested $1,000 for five years. For the first two years he earned 9% compounded monthly. For the next two years he earned 11% compounded quarterly. For the final year he earned 14% compounded semi-annually. What was his effective rate of return over the five years?
A) 14.49%
B) 11.22%
C) 10.80%
D) 13.38%
E) 13.99%

Question

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The Answer of Bobby invested $1,000 for five years. For the first two years he earned 9% compounded monthly. For the next two years he earned 11% compounded quarterly. For the final year he earned 14% compounded semi-annually. What was his effective rate of return over the five years?
A) 14.49%
B) 11.22%
C) 10.80%
D) 13.38%
E) 13.99%

Bobby Invested $1,000 for Five Years