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

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 $

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