Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

24. An investor put $3,187.00 in a mutual fund last year. His plan was to invest for 2 years and withdraw the money. His goal

image text in transcribed

24. An investor put $3,187.00 in a mutual fund last year. His plan was to invest for 2 years and withdraw the money. His goal is to withdraw $4,773.00. In the first year, his account earned 5.00%. How much will the account have to earn this year (in percentage) to reach his goal? A. 41.63% B. 42.63% C. 43.63% D. 44.63% E. 45.63%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Financial Literacy

Authors: Joan S. Ryan , Christie Ryan

3rd Edition

1337412686,1305980697

More Books

Students also viewed these Finance questions