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The Millers plan on retiring soon. When they were first married they purchased 1,000 shares in a mutual fund that was at that time paying $10 a share. Now, thirty years later it is paying $78 a share. What is the percent increase for the fund?

Respuesta :

Answer: There is 680% increase for the fund.

Step-by-step explanation:

Since we have given that

Number of shares they purchased = 1000

Cost of per share at the time of their marriage = $10

So, Amount of fund will be

[tex]1000\times 10=\$10000[/tex]

Cost per share after 30 years = $78

So, Amount of fund will be

[tex]78\times 1000=\$78000[/tex]

Percentage of increase for the fund will be given as

[tex]\frac{78000-10000}{10000}\times 100=680\%[/tex]

Hence, there is 680% increase for the fund.

Answer:

The answer is D

Step-by-step explanation:

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