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During the last four years, a certain mutual fund had the following rates of return: Year Rate of Return. 2014 3.4% 2015 3.4% 2016 5% 2017 4.3% At the beginning of 2014, Alice invested $2,442 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 20% 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 3.4% 2015 3.4% 2016 5% 2017 4.3% At the beginning of 2014, Alice invested $2,442 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 20% more than Bob in the fund? Round your answer to the nearest dollar.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During the last four years, a certain mutual fund had the following rates of return: Year Rate of Return 2014 3.4% 2015 3.4% 2016 5% 2017 4.3% At the beginning of 2014, Alice invested $2,442 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 20% more than Bob in the fund? Round your answer to the nearest dollar.
Transcribed Image Text:During the last four years, a certain mutual fund had the following rates of return: Year Rate of Return 2014 3.4% 2015 3.4% 2016 5% 2017 4.3% At the beginning of 2014, Alice invested $2,442 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 20% more than Bob in the fund? Round your answer to the nearest dollar.
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