At the beginning of this month, your retirement account’s value was $42,000. On the last day...
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At the beginning of this month, your retirement account’s value was $42,000. On the last day of the month, your company deposits 10% of your gross salary ($5,000) into your retirement account. The ending balance on the account, at the end of the month is $42,300 (including the contribution)
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What is the rate of return for the month of your account?
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Homework Answers
Rate of return for the month=(Final
Amount-Contribution)/Beginning
Value-1=(42300-5000*10%)/42000-1=-0.47619%
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At the beginning of this month, your retirement
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