Michael has been dollar cost averaging in a mutual fund by investing $2,000 at the beginning...
Michael has been dollar cost averaging in a mutual fund by investing $2,000 at the beginning of every quarter for the past 7 years. He earns an average annual compound return of 11% on this investment, compounded quarterly. How much is the fund worth today?
|
$81,712.59 |
||
|
$84,996.80 |
||
|
$89,246.64 |
||
|
$82,721.95 |
Homework Answers
Answer is $84,996.80
We need to find the Future Value of quarterly payment of $2000
Usinf FV financial function
RATE =11%/4
NPER=7*4
PMT=-$2000
PV=0
TYPE=0
=FV(11%/4,7*4,-2000,0,1)
=$84,996.80
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