The relative growth rate for a certain type of mutual fund is 5.1% per year. An account is opened with a balance of $35,000. How
much is the mutual fund worth in 5 years? In your final answer, include all of your calculations.
1 answer:
What do you mean by "relative growth rate?"
You need to specify whether this situation involves compounding, and, if it does, whether it's continuous compounding, monthly, annual or what.
Just supposing that it's semi-annual compounding:
A = $35000 (1 + 0.051/2)^(5*2)
= $35000(1.0255)^10 = $35000 (1.2863) = $45021.99 (answer)
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