During the last four years, a certain mutual fund had the following rates of return: Year Rate of Return 2014 3.5% 2015 4.2% 2016 4.9% 2017 5.3% At the beginning of 2014, Alice invested $2,942 in this fund. At the beginning of 2015, Bob decided to invest some money in this fund as well. How much did Bob invest in 2015 if, at the end of 2017, Alice has 28% more than Bob in the fund? Round your answer to the nearest dollar.
During the last four years, a certain mutual fund had the following rates of return: Year Rate of Return 2014 3.5% 2015 4.2% 2016 4.9% 2017 5.3% At the beginning of 2014, Alice invested $2,942 in this fund. At the beginning of 2015, Bob decided to invest some money in this fund as well. How much did Bob invest in 2015 if, at the end of 2017, Alice has 28% more than Bob in the fund? Round your answer to the nearest dollar.
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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Transcribed Image Text:During the last four years, a certain mutual fund had the following rates of return: Year Rate of Return
2014 3.5% 2015 4.2% 2016 4.9% 2017 5.3% At the beginning of 2014, Alice invested $2,942 in this fund. At the
beginning of 2015, Bob decided to invest some money in this fund as well. How much did Bob invest in 2015
if, at the end of 2017, Alice has 28% more than Bob in the fund? Round your answer to the nearest dollar.
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