Assume That the Given Mutual Fund Investment Earns Monthly Returns

question 150

Multiple Choice

Assume that the given mutual fund investment earns monthly returns that are reinvested and subsequently earn at the
same rate. Find the beginning value of the investment, first monthly return, or effective annual rate of return as indicated.
- $$\begin{array} { c l c } \hline & \text { Number of } & \text { Monthly } \\\text { Beginning } & \text { Shares } & \text { Percentage } \\\text { NAV } & \text { Purchased } & \text { Return } \\\hline \$ 11.00 & 332 & 2.77 \% \\\hline\end{array}$$ Find the annual rate of return.

• A)38.8%
• B)36.9%
• C)33.2%
• D)1213.92%

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