Suppose that it is 1 January 2000. You are considering taking a one year full-time course which begins as soon as the new year festivities are over. You must pay up-front tuition costs of £2950. You start paid work on 1 January 2001, and earn the same as you would have done without going on the course. However, on 31 December 2001, your employer gives you a bonus payment of £800 which you would not have earned had you not attended the course. A similar arrangement is made in each of the following 4 years (ie up to and including 31 December 2005). No further earnings premia attach to the course. To the nearest whole number, what is the rate of return?