Question
A person invests $5,000 in a mutual fund that earns a 10% annual interest rate, compounded monthly. The fund has a management fee of 1%
A person invests $5,000 in a mutual fund that earns a 10% annual interest rate, compounded monthly. The fund has a management fee of 1% per year. The person intends to keep the investment for 7 years. What will be the total value of the investment at the end of 7 years, considering the management fee?
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Algebra and Trigonometry
Authors: Ron Larson
10th edition
9781337514255, 1337271179, 133751425X, 978-1337271172
