You invested $1,000 in GM shares when the stock price was $12. After a month, GM price went up to $21.
Step 1. What what the return you obtained in that month? (Do not type this answer)
Step 2. If you consistently attain the same monthly return for the next 1 years, how much money will you have in your account? This is the answer to this question.
Hints:
Time is 1 years.
This problem involves monthly compounding.
The return you calculate is already monthly.
Round your answer to the nearest three decimals if needed. Do not type the $ symbol.