A young man is the beneficiary of a trust fund established for him 21 yr ago at
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Question:
A young man is the beneficiary of a trust fund established for him 21 yr ago at his birth. If the original amount placed in trust was $40,000, how much will he receive if the money has earned interest at the rate of 8%/year compounded annually? Compounded quarterly? Compounded monthly? (Round your answers to the nearest cent.)
compounded annually $
compounded quarterly $
compounded monthly $
Related Book For
Business Statistics in Practice
ISBN: 978-0077404741
6th edition
Authors: Bruce Bowerman, Richard O'Connell
Posted Date: