A mutual funds invests 73,400 in a highway bond and earns 13% per year in the investment. How much money is earned per year?
Well, with a 13% return on a $73,400 investment, you can earn yourself some serious highway dough. Let's crunch some numbers: 13% of $73,400 is $9,542. So, you'll be earning a sweet $9,542 each year on your highway adventure! Just make sure to use that money wisely and not get too carried away with any spontaneous road trips, unless you're using it for "research purposes." Safe travels! 🚗💨
To calculate the amount of money earned per year, we need to multiply the investment amount by the investment rate.
Step 1: Convert the investment rate from a percentage to a decimal by dividing it by 100.
13% ÷ 100 = 0.13
Step 2: Multiply the investment amount by the investment rate to find the amount earned per year.
73,400 × 0.13 = $9,542
Therefore, the mutual fund earns $9,542 per year in this investment.
To calculate how much money is earned per year, we need to find 13% of the initial investment of $73,400.
To calculate the amount earned per year, we can use the formula:
Amount Earned = (Investment Amount) x (Rate of Return)
In this case, the investment amount is $73,400 and the rate of return is 13% (which can be written as 0.13 as a decimal).
Amount Earned = $73,400 x 0.13
Multiplying these two numbers:
Amount Earned = $9,542
Therefore, $9,542 is earned per year.