Posted by Alyanna on Wednesday, July 9, 2014 at 9:41pm.
By the conditions of a will, the sum of P25,000 is left to a girl to be held in trust by her guardian until it amounts to 45,000. when will the girl receive the money if the fund is invested at 8% compounded quarterly?? please show the solution.. thank you:)
business - Damon, Wednesday, July 9, 2014 at 9:46pm
8%/4 = 2% per quarter
so every three months multiply by 1.02
25 * 1.02^n = 45
1.02^n = 1.8
n log 1.02 = log 1.8
n = 29.68 quarters
or 7.42 years
business - Alyanna, Wednesday, July 9, 2014 at 9:49pm
business - Anonymous, Thursday, July 7, 2016 at 8:17pm
how you get 1.02
business - thea, Monday, September 26, 2016 at 10:04am
1.02 is from (1+.02)
since 8% compounded Quarterly..
business - Anonymous, Sunday, February 19, 2017 at 8:55am
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