During the thirteen years he ran it, an investment firm's CEO reportedly earned an annual rate of retum of over 100 percent, potentially turning an initial investment of $1 million into more than $11 million by the time he left in 2000 a. What rate of retum, compounded annually, would turn $1 million into $11 million by 2000?

b. The actual rate of return during the thirteen years the CEO ran the investment firm was 106%. How much would $1 million, compounded annually be worth after 13 years?

(Do not round until the final answer. Then round to the nearest hundredth as needed.)