Homework Answers
A 20% gain means value of fund increases to 1 + 0.20 = 1.20 times.
A 20% fall means value of fund drops to 1 - 0.20 = 0.80 times
Thus, value of fund at the end of 2nd year ( i.e balance ) = 10000 * 1.20 * 0.80 = 9600
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