Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mary Stahley invested $2500 in a 60-month certificate of deposit (CD) that earned 6.5% annual simple interest. When the CD matured, she invested the full
Mary Stahley invested $2500 in a 60-month certificate of deposit (CD) that earned 6.5% annual simple interest. When the CD matured, she invested the full amount in a mutual fund that had an annual growth equivalent to 22% compounded annually. How much was the mutual fund worth after 8 years? (Round your answer to the nearest cent.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started