Question

Assume you invested $5,000 in a mutual fund that earns 6% compounded annually on December 1, 2018. The balance in your account on December 1, 2023 will be $

Answer 1

The balance in your account on December 1, 2023 of the mutual fund account will be $6691.

How to calculate the mutual fund?

From the information given, the person invested $5,000 in a mutual fund that earns 6% compounded annually on December 1, 2018.

The amount in the account by the date will be:

= 5000 × ( 1 + 6%)^5

= 6691

In conclusion, the correct option is $6691.

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