The Millers plan on retiring soon. When they were first married they purchased 1,000 shares in a mutual fund that was at that ti
me paying $10 a share. Now, thirty years later it is paying $78 a share. What is the percent increase for the fund?
A) 6.8%
B) 7.8%
C) 78%
D) 680%
1 answer:
Answer: 6.8%
Step-by-step explanation:
We need to find both percentage so we can determine the increase.
Finding percentage of $10 return: 1% return
Finding percentage of $78 return: 7.8% return
To find the percent increase we do 7.8%-1.0% = 6.8%
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hope this is right!
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