Question

Since Tanya Martin retired, she has used income from her investment in the Alger Mid Cap growth fund to supplement her other retirement income. During one three-month period, the fund grew by $14,000. If she withdraws 55 percent of the growth, how much will she receive?

Answer 1

Answer:

She will receive $ 7,700.

Explanation:

It will receive $ 7,700, because it has taken 55% of its growth growth from its investment, which was $ 14,000 equals that amount. That is (14,000 x 0.55 = 7,700). Thus, by multiplying the value with the retracted percentage we will have $ 7,700.