What is the answer to the Math question below?

Mathematics
Tutor: None Selected Time limit: 1 Day

two years ago paul bought 350 dollars worth of stock on his cell phone company. since then the value of his stock has been increasing at an average 9 3/4% per year. how much is the stock worth now.

Oct 28th, 2015

Thank you for the opportunity to help you with your question!

350 dollars is the starting amount. After the first year his stock increased by 9.75%. Multiply by 1.0975 to increase by that percentage.

350(1.0975)=384.125 dollars.

The next year it increased another 9.75%.

384.125(1.0975)=421.577188 dollars.

Round to the nearest penny which would be the second number after the decimal so the answer is $421.58

Please let me know if you need any clarification. I'm always happy to answer your questions.
Oct 28th, 2015

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