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Aubree's parents invested $500 into a mutual fund that paid 6.5% interest each year compounded annually when she was born. Find the value of the mutual fund in 18 years.​

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adioabiola

The value of the fund in 18 years as required by the task is; $1553.5.

What is the value of the fund in 18 years?

Since, the interest rate is compounded annually as described, the value of the fund in 18 years can be calculated by means of the compound interest formula as;

Value = 500(1.065)^18.

Hence, we have; Value = $1553.5.

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