Answer:
The value of stock now = $966.35
Step-by-step explanation:
Given in question as,
Three year ago Jolene purchased a stock worth = $800
The stock is increasing every year at the rate of = 6.5%
So, now after three years ,
The value of this stock = initial value × (1 + [tex]\frac{rate}{100}[/tex])³
Or, = $800 × ( 1 + [tex]\frac{6.5}{100}[/tex])³
∴ = $800 × 1.2079 = $966.35
Hence , the Value of stock now = $966.35 Answer
