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Bunuel
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Jack currently invests $425 per month in a mutual fund. He would like 23 Sep 2022, 07:11
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65% (hard)

Question Stats:

60% (02:18) correct 40% (01:52) wrong based on 226 sessions

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Jack currently invests $425 per month in a mutual fund. He would like to increase his monthly contribution to the equivalent of $110 per week for a one year period. Rounded to the nearest $0.01, by how much does Jack need to increase his monthly investment?

A. $15.00
B. $33.33
C. $36.67
D. $51.67
E. $76.67
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D
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Jawad001
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Jack currently invests $425 per month in a mutual fund. He would like 23 Sep 2022, 08:12
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Solution:

Monthly investment in the mutual fund = $425

He wants to increase his weekly investment $110

So Monthly investment stannds $440
Now he needs to increse his monthly investment = ( $440 - $425) = $15
Answer: A
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KamakshiAggarwal
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Jack currently invests $425 per month in a mutual fund. He would like 23 Sep 2022, 23:16
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Hi,
Please share the solution to this.
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ankitgoswami
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Jack currently invests $425 per month in a mutual fund. He would like 25 Sep 2022, 08:28
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Bunuel
Jack currently invests $425 per month in a mutual fund. He would like to increase his monthly contribution to the equivalent of $110 per week for a one year period. Rounded to the nearest $0.01, by how much does Jack need to increase his monthly investment?

A. $15.00
B. $33.33
C. $36.67
D. $51.67
E. $76.67

He already invests $425 per month.

He plans to increase it to an equivalent of $110 per week which is equal to \(\frac{110}{7}\) = 15.71 (rounded to the nearest $0.01)
this will be equal to 15.71 x 365 = 5734.15 per year or \(\frac{5734.15}{12}\) = 477.85 per month

So he has to increase by 477.85 - 425 = 52.85 per month.

But since the question says an equivalent of $110 and is not exact therefore we can choose option D.

If you do the reverse calculation using 51.67, it comes out to be $109.7 per week which is equivalent to $110.

Ans is D
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Vetrick
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Jack currently invests $425 per month in a mutual fund. He would like 26 Sep 2022, 11:18
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KamakshiAggarwal
Hi,
Please share the solution to this.

There are 52 weeks in a year. So, the amount Jack wants to invest = 110 * 52 = 5720

The mount he invests right now = 425 * 12 = 5100

He must invest $620 more in a year.

And so the amount he must invest every month = 620 / 12 = 51.666

Hence Answer is 51. 67 (round to the hundredth digit)
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Mithanshu
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Jack currently invests $425 per month in a mutual fund. He would like 24 Nov 2024, 04:50
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A month is slightly more than 4 weeks to be precise, that's why
Jawad001
Solution:

Monthly investment in the mutual fund = $425

He wants to increase his weekly investment $110

So Monthly investment stannds $440
Now he needs to increse his monthly investment = ( $440 - $425) = $15
Answer: A
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