I'm trying to figure out how to calculate the average rate of return on some investments. I'm doing this because I'm trying to assess the impact of fees. In my theoretical scenario, let's say that I invested $10,000 on January 1, 2007. Then, let's say that my account balance will be $14,567 on December 31, 2017. Basically, the money has just sat in the account since January 1, 2007.
My question is, how do I calculate the average annual rate of per year using this information? In my brain, I keep coming back to this formula,
(($10,000 / ($14,567 - $10,000)) / 9) * 10
9 is the number of years, since it takes a full year needs to be considered. Then the * 10 will get me the actual percentage. Is this correct, or am I off? Is there a better way to do this?