business
posted by Alyanna on .
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:)

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 
wooow..thanks:)

how you get 1.02

F=P*(1+i)^n >formula
1.02 is from (1+.02)
since 8% compounded Quarterly..
8%/4=0.02 
7.42