SOLUTION: Jessie is the beneficiary of a trust fund established for him 21 years ago at his birth. If the original amount placed in trust was $5,000, how much will he receive if the money ha

Question 1148340: Jessie is the beneficiary of a trust fund established for him 21 years ago at his birth. If the original amount placed in trust was $5,000, how much will he receive if the money has earned interest at the rate of 8%/year compounded annually? Compounded quarterly? Compounded monthly?
Answer by ikleyn(52786) (Show Source): You can put this solution on YOUR website!
.


He will receive


      dollars, if compounded annually;

     dollars if compounded quarterly;

     dollars if compounded monthly.

Use a calculator.

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