An investment fun had a balance on January 1 of $273,000 and a balance on Decemb

Q: An investment fun had a balance on January 1 of $273,000 and a balance on Decemb

Calculation of contributions to and withdrawals from fund: Details Amount Beginning balance $ 273,000 Add: Interest earned $ 18,000 Add: Interest earned ($273,000 *6%) $ 16,380 Add: Contributions (balance figure) $ 64,620 Closing balance $ 372,000 Details Amount Beginning balance $ 273,000 Add: Interest earned $ 18,000 Add: Interest earned ($273,000 *6%) $ 16,380 Add: Contributions (balance figure) $ 64,620 Closing balance $ 372,000

ID: 2765999 • Letter: A

Question

An investment fun had a balance on January 1 of $273,000 and a balance on December 31 of $372,000. The amount of interest earned during the year was $18,000, and the computed yield rate on the fund was 6%. What was the average date for contributions to and withdrawals from the fund? An investment fun had a balance on January 1 of $273,000 and a balance on December 31 of $372,000. The amount of interest earned during the year was $18,000, and the computed yield rate on the fund was 6%. What was the average date for contributions to and withdrawals from the fund? An investment fun had a balance on January 1 of $273,000 and a balance on December 31 of $372,000. The amount of interest earned during the year was $18,000, and the computed yield rate on the fund was 6%. What was the average date for contributions to and withdrawals from the fund?

Explanation / Answer

Calculation of contributions to and withdrawals from fund:

Details

Amount

Beginning balance

$ 273,000

Add: Interest earned

$ 18,000

Add: Interest earned ($273,000 *6%)

$ 16,380

Add: Contributions (balance figure)

$ 64,620

Closing balance

$ 372,000