Using the simple interest formula, answer the following question: Andrew adds $750 to his mutual fund every year for the next 10 years. Stephanie decides to wait 10 years when she knows she will have a lump sum of $9,000 to invest in a mutual fund. If both Andrew and Stephanie earn on average a 5 percent rate of return, who will have the larger mutual fund balance in 20 years?
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Home » Advanced Placement (AP) » Using the simple interest formula, answer the following question: Andrew adds $750 to his mutual fund every year for the next 10 years. Stephanie decides to wait 10 years when she knows she will have a lump sum of $9,000 to invest in a mutual fund.