Three years ago, Jolene bought $500 worth of stock in a software company. Since then the value of her purchase has been increasi
ng at an average rate of 12 1 2 % per year. How much is the stock worth now? (Round each money calculation you make to the nearest cent.)
1 answer:
Answer:
The stock is worth $702.5.
Step-by-step explanation:
Giving the following information:
Present Value= $500
Number of periods (n)= 3 years
Growth rate (i)= 12%
<u>To calculate the value of the stock today, we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 500*(1.12^3)
FV= $702.5
The stock is worth $702.5.
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