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The following table shows the average returns for some of the largest mutual funds commonly found in retirement plans. (Assume end-of-month deposits and withdrawals and

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The following table shows the average returns for some of the largest mutual funds commonly found in retirement plans. (Assume end-of-month deposits and withdrawals and monthly compounding, and assume that the quoted rate of return continues indefinitely.) Mutual Fund Fidelity Growth Company Vanguard PIMCO 500 Index Total Return Vanguard Total Bond Market Index Rate of Return 15.83% 13.25% 3.77% 3.67% Type Stock fund Stock fund Bond fund Bond fund How much would be accumulated after 20 years in a retirement account invested entirely in the Fidelity stock fund with payments of $500 per month? HINT [See Quick Example 1.] (Round your answer to the nearest cent.) TA

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