Question

16) 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? A) 6.8% B) 7.8% C) 78% D) 680%

Answer 1

D

Explanation:

1,000 × 10 = $10,000

1,000 × 78 = $78,000

increase ÷ original number x 100

68,000 ÷ 10,000 × 100 = 680