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HELP PLEASE Lee puts $5,000 into a stock market index mutual fund That grew at an average of 6.5% per year for 10 years. Without any added deposits or withdrawals, about how much is in Lee's mutual fund
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HELP PLEASE

Lee puts $5,000 into a stock market index mutual fund That grew at an average of 6.5% per year for 10 years. Without any added deposits or withdrawals, about how much is in Lee's mutual fund account after only 8 years, if you ignore the come pounding?

User Extrakun
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Assuming there are no deposits or withdrawals, after 8 years, the mutual fund account would have grown by 6.5% per year for 8 years. Therefore, the approximate value of the account after 8 years would be:

$5,000 * (1 + 0.065 * 8) = $8,740.
User Stuart Ervine
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