Three years ago, Jolene bought $800 worth of stock in a software company. Since then the value of her purchase has been increasing at an average rate of 6.5% per year. How much is the stock worth now?

Answer:The value of stock now = $966.35Step-by-step explanation:Given in question as, Three year ago Jolene purchased a stock worth = $800The 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 = $966.35Hence , the Value of stock now = $966.35  Answer