Question

The Millers plan on retiring soon. When they were first married they purchased 1,000 shares in a mutual fund that was at that time paying $10 a share. Now, thirty years later it is paying $78 a share. What is the percent increase for the fund?

Answer 1

Answer: There is 680% increase for the fund.

Step-by-step explanation:

Since we have given that

Number of shares they purchased = 1000

Cost of per share at the time of their marriage = $10

So, Amount of fund will be

$1000\times 10=\ 10000$

Cost per share after 30 years = $78

So, Amount of fund will be

$78\times 1000=\ 78000$

Percentage of increase for the fund will be given as

$\frac{78000-10000}{10000}\times 100=680\%$

Hence, there is 680% increase for the fund.

Answer 2

Answer:

The answer is D

Step-by-step explanation: