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Question 809278: A testator directed his trustees that ,in arranging his affairs, should set apart such sums for each of his three sons that each might receive the same amount when he came of age (25 years of age). When he died, his estate was worth £150,000, and the ages of his sons were 8, 12, and 17 respectively. Find the sum set apart for each, reckoning 4% compound interest for accumulations.
Can someone please help me by explaining this math problem step by step in thorough detail. I know that when you subtract the age to their current ages you get a certain amount of years before they each receive a certain amount. I am not sure how to fill in the rest. Be advised this is very old English that was told to me. Thank you
Answer by richwmiller(17219)   (Show Source):
You can put this solution on YOUR website! Calculate the interest accrued in 8 years when the oldest becomes 25
Some how you have to know what amount the sons will receive and subtract that from the new principal.
then calculate interest accrued after 5 more years when the middle son turns 25
again with magic subtract the same amount from the amount accrued.
and finally calculate the amount accrued n 4 more years and distribute it.
perhaps the approach should be start at the end.
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