##### Need business and finance help with a deposit into a growth mutual fund that earns 11% per year

label Business
account_circle Unassigned
schedule 1 Day
account_balance_wallet \$5

If you deposit a total \$13,700 in a 5 year period into a growth mutual fund that earns 11% per year, how much should the fund be worth at the end of 5 years. And how much interest have you earned in total?

Nov 29th, 2015

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

Each year deposit= 13700/5=2740.

So in year 1. 2740+2740*.11=P1

In year 2: (P1+2740)+(P1+2740)*.11=P2

In year 3: (P2+2740)+(P2+2740)*.11=P3

In year 4: (P3+2740)+(P3+2740)*.11=P4

In Year 5: (P4+2720)+(P4+2720)*.11=P5

P5 is the total amount.

Interest is: 2740*.11+(P1+2740)*.11+(P2+2740)*.11+(P3+2740)*.11+(P4+2740)*.11

Please let me know if you need any clarification. I'm always happy to answer your questions.
Nov 29th, 2015

...
Nov 29th, 2015
...
Nov 29th, 2015
Oct 24th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer