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majarm majarm
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6 years ago
Tommy Hughes invested $10 000 in a business on January 1. He withdrew $1000 on March 1, reinvested $5000 on July 1, and withdrew $4000 on October 1. What is Tommy's average monthly investment balance for the year?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
Weighted investment:
January 1 - February 28:   10000 × 2/12 = 1666.6700
March 1 - June 30:     9000 × 4/12 = 3000.0000
August 1 - August 31:   14000 × 3/12 = 3500.0000
September 1 - December 31:   10000 × 3/12 = 2500.0000
Average investment balance =   $10666.67
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