You deposit the following at the end of each year into a growth mutual fund that earns

Question:

You deposit the following at the end of each year into a growth mutual fund that earns 11 percent per year.

Year

Deposit

1

$4,000

2

3,500

3

2,500

4

2,000

5

1,700

$13,700


a. How much should the fund be worth at the end of five years? $17,859.28

b. How much interest will you have earned in total?

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Entrepreneurial Finance

ISBN: 978-0133140514

6th edition

Authors: Philip J. Adelman; Alan M. Marks

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