Suppose you invest $50 each month (starting today) into a mutual fund. You reinvest distributions. At the end of 5 years, you sell all your shares and receive $3,485. Calculate your rate of return.
a. 5.96 %
b. 5.77%
c. 0.48%
d. 133.69%
I selected 5.96% but it was marked wrong. I used the TVM method.
n = 60
1/y =
PV = 0
pymt = -50
FV = 3485
Help!
a. 5.96 %
b. 5.77%
c. 0.48%
d. 133.69%
I selected 5.96% but it was marked wrong. I used the TVM method.
n = 60
1/y =
PV = 0
pymt = -50
FV = 3485
Help!