During the last four years, a certain mutual fund had the following rates of return: Year Rate of Return 2014 3.5% 2015 4.2% 2016 4.9% 2017 5.3% At the beginning of 2014, Alice invested $2,942 in this fund. At the beginning of 2015, Bob decided to invest some money in this fund as well. How much did Bob invest in 2015 if, at the end of 2017, Alice has 28% more than Bob in the fund? Round your answer to the nearest dollar.

During the last four years, a certain mutual fund had the following rates of return: Year Rate of Return 2014 3.5% 2015 4.2% 2016 4.9% 2017 5.3% At the beginning of 2014, Alice invested $2,942 in this fund. At the beginning of 2015, Bob decided to invest some money in this fund as well. How much did Bob invest in 2015 if, at the end of 2017, Alice has 28% more than Bob in the fund? Round your answer to the nearest dollar.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter13: Investing In Mutual Funds, Etfs, And Real Estate

Section: Chapter Questions

Problem 7FPE

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