The High Yield Money Market Fund returned 6.60 percent for the last year. Currently, 37) you...
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The High Yield Money Market Fund returned 6.60 percent for the last year. Currently, 37) you own 8,901.1 shares of this fund. If you invested in this fund one year ago, what was
the amount of your original investment?A) $8,402.38 B) $8,682.51 C) $8,350.00 D) $9,650.03 E) $8,750.00
Homework Answers
[(NAV1 - NAV0) / NAV0)] * 100 = 6.60%
[($8,901.10 - NAV0) / NAV0] = 0.066
$8,901.10 = (0.066 * NAV0) + NAV0
$8,901.10 = 1.066 NAV0
NAV0 = $8,350
So, The amount of the original Investment = $8,350
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