Question

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?

Answer 1

The answer is D

Explanation:

Answer 2

Answer: There is 680% increase for the fund.

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

`1000* 10=\$10000`

Cost per share after 30 years = $78

So, Amount of fund will be

`78* 1000=\$78000`

Percentage of increase for the fund will be given as

`(78000-10000)/(10000)* 100=680\%`

Hence, there is 680% increase for the fund.