SOLUTION: Larry inherited Php1,500,000 on the day he became 35 years old. Under the specifications of the will the money was placed in a trust fund that earned interest at 12.8% compounded

Question 1171614: Larry inherited Php1,500,000 on the day he became 35 years old. Under the specifications of the
will the money was placed in a trust fund that earned interest at 12.8% compounded quarterly.
What amount was in the fund on Larry’s fortieth birthday?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
in thousands
A=500*(1+(.128/4))^20. Divide the interest by the number of times compounded per year and raise the whole thing to the total number of times compounded in 5 years, which is 20. Round only at the end.
500*(1.032)^20
=938.780K
or 938,780 Php
RELATED QUESTIONS
larry inherited 1500000 on the day he became 35 years old. under the specification of the (answered by ikleyn)

Alec inherited ₱1,000,000 from his grandparents. He planned to invest it for his... (answered by CPhill)

Exercise 1: Alec inherited P1,000,000 from his grandparents. He planned to invest it for... (answered by CPhill)

Alec inherited P1,000,000 from his grandparents. He planned to invest it for his future. (answered by CPhill)

Larry had a total of $500 he spent 20% of his money on a book .how much did the book... (answered by ankor@dixie-net.com)

What is the current age of Larry? Larry is currently five times older than Michael. In... (answered by mananth,stanbon,JBarnum)

A day before yesterday the boy was 10 years old. and on next year he will turn 13 years... (answered by ankor@dixie-net.com)

The sum of the current ages of larry and his father is 75. In 25 years, Larry's father... (answered by mananth,MathTherapy,ikleyn)

Two years ago Larry was 10 years older than Sally's current age the sum of their ages is (answered by ankor@dixie-net.com)