Employee retention is a major goal for Dynamic​ Thermoforming, Inc.Feedback from the employees had focused on the need for a​ company-sanctioned retirement program. In​ response, the company will be offering a​ 401(k) retirement program complete with a number of different investment​ choices, including some of the top mutual fund families. In​ addition, the first​ 3% of an​ employee's salary contributed would be fully matched by the company.       Quentin​ Avery, a sales manager with Dynamic​ Thermoforming, decides to put​ 3% of his​ $6,000 monthly salary into an international growth fund offered through the new​ 401(k) plan. The current net asset value is 17.94 and the​ year-to-date return is plus ​4.9%. How many shares will Quentin be able to purchase each​ month, and what was the net asset value of the fund at the beginning of the​ year?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Employee retention is a major goal for Dynamic​ Thermoforming, Inc.Feedback from the employees had focused on the need for a​ company-sanctioned retirement program. In​ response, the company will be offering a​ 401(k) retirement program complete with a number of different investment​ choices, including some of the top mutual fund families. In​ addition, the first​ 3% of an​ employee's salary contributed would be fully matched by the company.
 
 
 
Quentin​ Avery, a sales manager with Dynamic​ Thermoforming, decides to put​ 3% of his​ $6,000 monthly salary into an international growth fund offered through the new​ 401(k) plan. The current net asset value is 17.94 and the​ year-to-date return is
plus
​4.9%.

How many shares will Quentin be able to purchase each​ month, and what was the net asset value of the fund at the beginning of the​ year?

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