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.

We have been given that an account is opened with a balance of $3,000 and relative growth rate for a certain type of mutual fund is 15% per year.  

In order to tackle this problem we have to find the value of mutual fund after 5 years. For our purpose we will use compound interest formula.

,where A= amount after t years, P= principal amount, r= interest rate (decimal) and t= number of years.

After substituting our given values in above formula we will get

Now we will solve for A

Therefore, after 5 years mutual fund is worth $6034.07.

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step-by-step explanation:

you have to multiply 1.53 by 12 so the equation is 12x1.53 and then that is your answer.

if you explain the the question more correctly i might be able to answer this better

step-by-step explanation: