On August 1, 2005 you invested $3,000 into a mutual fund. You then invested $1,000 into that same mutual fund on the first day of August for each of the years 2006 through 2013. You averaged a 7.25% annual rate of return on your investment in this mutual fund. What is the value of your investment in this mutual fund on August 1, 2013? You must use an Excel function to answer this question. Format your answer as currency, and show the cents.

Question

On August 1, 2005 you invested $3,000 into a mutual fund.  You then invested $1,000 into that same mutual fund on the first day of August for each of the years 2006 through 2013.  You averaged a 7.25% annual rate of return on your investment in this mutual fund.  What is the value of your investment in this mutual fund on August 1, 2013?  You must use an Excel function to answer this question.  Format your answer as currency, and show the cents.