Question 8 of 9 Ian invested money in a mutual fund for nine years. The interest rate on the mutual fund was 5% compounded quarterly for the first four years and 4% compounded semi- annually for the next five years. At the end of the nine years, Ian's mutual fund had accumulated to $48,293.50. a. How much did Ian deposit in the mutual fund? Round to the nearest cent b. How much interest did the mutual fund earn? Round to the nearest cent

Question 8 of 9 Ian invested money in a mutual fund for nine years. The interest rate on the mutual fund was 5% compounded quarterly for the first four years and 4% compounded semi- annually for the next five years. At the end of the nine years, Ian's mutual fund had accumulated to $48,293.50. a. How much did Ian deposit in the mutual fund? Round to the nearest cent b. How much interest did the mutual fund earn? Round to the nearest cent

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

Problem 1PS

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