The relative growth rate for a certain type of mutual fund is 15% per year. an account is opened with a balance of $3,000. how much is the mutual fund worth in 5 years? in your final answer, include all of your calculations.

$6.034,07

Step-by-step explanation:

To resolve this exercise, you need to apply the compound interest formula (interest on capital + accrued interest).

M = C (1 + i) ^ n

at where:

M = Amount

i = interest rate = 15% = 0.15

C = capital = $ 3000

n = number of months = 5

Applying the data in the formula:

M = 3,000 × (1 + 0.15) ^ (5)

M = $ 6,034.07

Therefore, in five months the value of the fund will be $ 6,034.07.

answer: 38.47 is your answer

step-by-step explanation: hope i you and who ever sees this answer have a great rest of your day : )