Question

Lee put $10,000 into a stock market index mutual fund that grew at an average of 7% per year for 10 years. About how much is in Lee's mutual fund account after 10 years? Ignore compounding.

Answer 1

17000

Explanation:

we can use the equation I=PRT

I=10,000(10)(0.07)

I=100,000(0.07)

i=7000

7000+ the initial 10,000=17000