You have owned a certain mutual fund for the last five years. During the first year it grew 6%, during the second year it grew 1.5%, during the third year is grew 2.75%, during the fourth year it grew 5% and last year it lost 2%. Currently the mutual fund has a value of $14219.33. What was your original amount you invested in this account (five years ago)? Show your work if you want partial credit. Hint BE CAREFUL I HAVE GIVEN YOU THE FINAL ANSWER AND WANT

You have owned a certain mutual fund for the last five years. During the first year it grew 6%, during the second year it grew 1.5%, during the third year is grew 2.75%, during the fourth year it grew 5% and last year it lost 2%. Currently the mutual fund has a value of $14219.33. What was your original amount you invested in this account (five years ago)? Show your work if you want partial credit. Hint BE CAREFUL I HAVE GIVEN YOU THE FINAL ANSWER AND WANT

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

A new investment opportunity for you is an annuity that pays $850 at the beginning of each year for 3 years. You could earn 5.5% on your money in other investments with equal risk. What is the most you should pay for the annuity?
A gold mine is expected to yield an annual income of $90000 for the next 24 years, after which it will be sold for $6300. An investor wants an annual return on his investment of 12%. If he can establish a sinking fund earning an annual interest rate of 6%, how much should he pay for the mine? Answer = $
Consider the pair of savings plans below. Compare the balances in each plan after 13 years. Which person deposited more money in the plan? Which of the two investment strategies is better? Assume that the compounding and payment periods are the same for each pair. George deposits $60 per month in an account with an APR of 5%, while Harvey deposits $190 per quarter in an account with an APR of 5.5%. The balance in George's account is how much money?(Round to nearest tenth if needed) The balance in Harvey's account is how much money?(Round to nearest tenth if needed) How much did George deposit? How much did Harvey deposit?
You want to go on a world holiday in 10 years time. You work out you need $80,000 for your holiday. So you start saving every month at the end of the month and you get 5% per year compound monthly interest. For the first 5 years you save $800 a month but things go wrong after 5 years and you can only save $200 a month. After 10 years has he saved enough money or does he need to get more money?
Suppose a mutual fund has a portfolio of stocks that have a market value of $10.75 billion and the company has 900 million shares of stock. What is the net asset value (in dollars) of a share of the mutual fund?
break this down and identify necessary information such as what the question is asking you to find, etc. then solve. Andie is saving for her retirement and want to have $750,000 saved. Her advisor says she can assume a simple interest rate of 4.5% each year. She is currently 25 and wants to retire by age 55. How much money does she need to put into her retirement now?
You have a savings account. You have had this account for about 6 years and you ended up with about $16,360.93, after starting with $12,000. You want to know what your interest rate is but you don't know where your statement is. You call your bank and ask them what it is. What did they tell you?
You have $10,000 you want to invest. Your bank has several investment accounts tochoose from, all compounding daily. Your goal is to have $15,000 in 6 years. To thenearest hundredth of a percent, what is the minimum annual interest rate the account must have so you can reach your goal?
For the cash flows shown in the diagram, determine the value of x and 2x that will make the future worth in year 14 equal to $275,000. i = 10% per year 2 3 4 5 6 7 8 2x 2x 2x 2x The value of x is determined to be $ The value of 2x is determined to be $
An employee invests £1000 at the end of each month into her Pension Fund (b) for 30 years. What is the value of her Pension Fund if it grows at an annual rate of 6% (0.5% per month) at the end of the 30 years.
Leo Lucky, owner of a Pizza Hut franchise, bought a delivery truck for $30,000. The truck has an estimated life of 5 years with a residual value of $10,000. Leo wants to know which depreciation method will be the best for his truck. He asks you to prepare a depreciation schedule using the declining-balance method at twice the straight-line rate.