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3 years ago

You invest 7500 into a mutual fund that is expected to earn 7% per year, how long will it take the fun to be worth 15000?

Mathematics

1 answer:

frozen [14]3 years ago

5 0

Answer:

10.2 years

gain is $2,704.00

rate of return is 22%

Step-by-step explanation:

The it would take for mutual to double can be determined the future value formula as shown below:

=nper(rate,pmt,-pv,fv)

rate is the rate of return of 7% per year

pmt is the periodic amount placed in the mutual fund and it not applicable here

pv is the original amount invested which is $7,500

fv is the future worth of $15,000

=nper(7%,0,-7500,15000)=10.2 years

cost of shares=actual cost of purchase+broker's commission

=(800*$15.34)+$20=$12,292.00

gain on shares=sales proceeds-cost=(800*$18.77)-$20-$12,292.00=$2,704.00

rate of return=gain/original cost=$2,704.00/$12,292.00 =22%

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