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2. If $14,000 had been invested in the Fictious Fund on June 30, 1995, then on June 30, 2005 the investment would have been worth $55,177.52. What interest rate compounded annually would this investment have earned? Round to the nearest hundredth of a percent. a. 14.70% b. 39.41% C. 29.41% d. 13.71% е. 29.41%

2. If $14,000 had been invested in the Fictious Fund on June 30, 1995, then on June 30, 2005 the investment would have been worth $55,177.52. What interest rate compounded annually would this investment have earned? Round to the nearest hundredth of a percent. a. 14.70% b. 39.41% C. 29.41% d. 13.71% е. 29.41%

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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2. If $14,000 had been invested in the Fictious Fund on June 30, 1995, then on June 30, 2005 the investment would have been worth $55,177.52. What interest rate compounded annually would this investment have earned? Round to the nearest hundredth of a percent. а. 14.70% b. 39.41% С. 29.41% d. 13.71% е. 29.41% 3. A credit card bill due on April 5 showed a balance of $263. The card holder forgot to pay the bill until the 20th of the month, but paid the full amount of $263 at that time. In the mean time, the card was used to make purchases of $138 on the 10th of the month and $74 on the 20th of the month. What was the average daily balance for the billing period? а. $362.50 b. $95.97 с. $166.07 d. $184.27
Transcribed Image Text:2. If $14,000 had been invested in the Fictious Fund on June 30, 1995, then on June 30, 2005 the investment would have been worth $55,177.52. What interest rate compounded annually would this investment have earned? Round to the nearest hundredth of a percent. а. 14.70% b. 39.41% С. 29.41% d. 13.71% е. 29.41% 3. A credit card bill due on April 5 showed a balance of $263. The card holder forgot to pay the bill until the 20th of the month, but paid the full amount of $263 at that time. In the mean time, the card was used to make purchases of $138 on the 10th of the month and $74 on the 20th of the month. What was the average daily balance for the billing period? а. $362.50 b. $95.97 с. $166.07 d. $184.27
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