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lutik1710 [3]
3 years ago
11

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.)
Mathematics
1 answer:
mixer [17]3 years ago
4 0

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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