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?

A) 6.8%

B) 7.8%

C) 78%

D) 680%

Question

Kaitlyn Espinoza

Mathematics

2 August, 05:21

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?

A) 6.8%

B) 7.8%

C) 78%

D) 680%

+2

Answers (1)

Know the Answer?

Melina Quinn · Answer 1

Answer: 6.8%

Step-by-step explanation:

We need to find both percentage so we can determine the increase.

Finding percentage of $10 return: 1% return

Finding percentage of $78 return: 7.8% return

To find the percent increase we do 7.8%-1.0% = 6.8%

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?A) 6.8%B) 7.8%C) 78%D) 680%

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?

A) 6.8%

B) 7.8%

C) 78%

D) 680%