MATH HOMEWORK HELP !

Question

Jeff Hardy Invested $3000 in an investment fund an had 2.5% management fee deducted. The fund increased by 11.3% in the first year and increased by only 1.7 % in the value of her investment after 2 years ? 

Answer 1

Hi LeBron, I put a comment on this question but I have not seen the comment appear (maybe it takes some time?) so I'll re-do it here:

  I think the actual question is missing from what you provided.

Here's my guess of what it may have been (ADDED IN CAPS); hopefully this will help you:

 

Jeff Hardy Invested $3000 in an investment fund an had 2.5% management fee deducted.

The fund increased by 11.3% in the first year and increased by only 1.7 % in FUTURE YEARS.

WHAT IS the value of HIS investment after 2 years ?

 

Start by removing the management fee:

start amount = 3000 - (2.5% of 3000)

                   = 3000 - 0.025*3000

   = $2925

 

Now increase to find value after first year:

after 1st year = 2925 + 0.113*2925

                  = 2925*(1+0.113)  <-- useful way to increase by 11.3%

  = $3255.53  rounded to cents

 

Now increase this to get 

after 2nd year = 3255.53 * (1+0.017)

  = $3310.87