Joseph invested $1000 into a hedge fund. The fund promised a yearly interest rate of 10%. If he deposited an additional $100 every month into the account to add to his initial investment of $1000, how much money will he have in the fund after two years?
For the first year, Joseph will have invested $1000 + ($100 * 12) = $<<1000+100*12=2200>>2200.
The interest calculated for the first year will be $2200 * 10% = $<<2200*10*.01=220>>220.
The total value of the investment for the first year will be $2200 + $220 = $<<2200+220=2420>>2420.
For the second year, the total invested will be $2420 + ($100 * 12) = $<<2420+100*12=3620>>3620.
The interest calculated after the second year will be $3620 * 10% = $<<3620*10*.01=362>>362.
Therefore, Joseph's investment in the mutual fund will be worth $3620 + $362 = $<<3620+362=3982>>3982.
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