Mary Stahely invested $ 2500 in a 48-month certificate of deposit (CD) that earned 8.5% annual simple interest. When the CD matured, she invested the full amount in a mutual fund that had an annual growth equivalent to 20% compounded annually. How much was the mutual fund worth after 11 years?
Mary Stahely invested $ 2500 in a 48-month certificate of deposit (CD) that earned 8.5% annual simple interest. When the CD matured, she invested the full amount in a mutual fund that had an annual growth equivalent to 20% compounded annually. How much was the mutual fund worth after 11 years?
Essentials of Business Analytics (MindTap Course List)
2nd Edition
ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Chapter2: Descriptive Statistics
Section: Chapter Questions
Problem 17P: Suppose that you initially invested 10,000 in the Stivers mutual fund and 5,000 in the Trippi mutual...
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Mary Stahely invested $ 2500 in a 48-month certificate of deposit (CD) that earned 8.5% annual simple interest. When the CD matured, she invested the full amount in a mutual fund that had an annual growth equivalent to 20% compounded annually. How much was the mutual fund worth after 11 years?
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