You deposit the following at the end of each year into a growth mutual fund that earns 11 percent per year: How much should the fund be worth at the end of 5 years? How much interest have you earned in total? Year Deposit ($) 1 4,000 2 3,500 3 2,500 4 2,000 5 1,700 $13,700
You deposit the following at the end of each year into a growth mutual fund that earns 11 percent per year: How much should the fund be worth at the end of 5 years? How much interest have you earned in total? Year Deposit ($) 1 4,000 2 3,500 3 2,500 4 2,000 5 1,700 $13,700
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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#17 You deposit the following at the end of each year into a growth mutual fund that earns 11 percent per year:
- How much should the fund be worth at the end of 5 years?
- How much interest have you earned in total?
| Year | Deposit ($) |
| 1 | 4,000 |
| 2 | 3,500 |
| 3 | 2,500 |
| 4 | 2,000 |
| 5 | 1,700 |
| $13,700 |
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