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
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-> 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
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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
