You invested $1,000 in GM shares when the stock price was $12. After a month, GM price went up to $27.

Step 1. What what the return you obtained in that month? (Do not type this answer)

Step 2. If you consistently attain the same monthly return for the next 4 years, how much money will you have in your account? This is the answer to this question.

Hints:

Time is 4 years.

This problem involves monthly compounding.

The return you calculate is already monthly.

Round your answer to the nearest three decimals if needed. Do not type the $ symbol.

I would like to see the manual process, without Excel.