Two years ago, you invested $1,000 by buying 125 shares ($8 per share NAV) in the Viking Mutual Fund, an aggressive growth, no-load mutual fund. Last year, you added to your fund by doing two investments of $500 each (50 shares at $10 and 40 shares at $12.50). You reinvested all of your dividends so you could take advantage of compounding which you learned in chapter So far, the NAV/share 2. for your investment has risen from $8 per share to $13.25. What were the proceeds from your sale of the 60 shares? Round to the nearest cent. DO NOT INCLUDE COMMAS OR $.
Two years ago, you invested $1,000 by buying 125 shares ($8 per share NAV) in the Viking Mutual Fund, an aggressive growth, no-load mutual fund. Last year, you added to your fund by doing two investments of $500 each (50 shares at $10 and 40 shares at $12.50). You reinvested all of your dividends so you could take advantage of compounding which you learned in chapter So far, the NAV/share 2. for your investment has risen from $8 per share to $13.25. What were the proceeds from your sale of the 60 shares? Round to the nearest cent. DO NOT INCLUDE COMMAS OR $.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Transcribed Image Text:10:06
Two years ago, you invested $1,000 by buying
125 shares ($8 per share NAV) in the Viking
Mutual Fund, an aggressive growth, no-load
mutual fund. Last year, you added to your
fund by doing two investments of $500 each
(50 shares at $10 and 40 shares at $12.50).
You reinvested all of your dividends so you
could take advantage of compounding which
you learned in chapter So far, the NAV/share
2.
for your investment has risen from $8 per
share to $13.25.
What were the proceeds from your sale of the
60 shares?
Round to the nearest cent. DO NOT INCLUDE
COMMAS OR $.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education