A large stock portfolio earned 12% for each of the first 10 years then 5% per year for the next 5 years. What annual rate of return was earned over the 15 year period?

Essentials Of Investments
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Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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A large stock portfolio earned 12% for each of the first 10 years then 5% per year for the next 5 years. What annual rate of return was earned over the 15 year period?

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First holding period return need to be calculated, then annualized return. 

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