Questions about making homemade alcohol?

I am trying to make homemade rum for the first time. A friend told me about this. I juiced a few oranges and grapefruits and mixed that with water and about 2/3 - 1 cup of sugar. Then I added I packet of baking yeast and shook the mixture up in a 1 liter bottle. Then I put a balloon on top with a few pin holes to release gas with out letting any air in (The holes are so small there not even visible unless you inflate the ballon). My questions are: How long should I let this mixture sit? When it is done what alcohol / volume ratio or alcohol percentage will it be will it be? What are tips to make it have more alcohol or be stronger? Thanks and please try to answer this question if you have some knowledge in brewing.