Aubree invested $500 into a mutual fund that paid 3% interest each year compounded annually. Find the value of the mutual fund i
n 12 years.
2 answers:
Answer:
FV= $712.88
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $500
Number of periods (n)= 12 years
Interest rate (i)= 3% compounded annually
<u>To calculate the future value, we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 500*(1.03^12)
FV= $712.88
Answer:
25%
Step-by-step explanation:
Because she divided it
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