Solution: When will the girl receive the money if the fund is invested at 8% compounded quarterly?

(Last Updated On: December 8, 2017)

Problem Statement: ECE Board April 1998

By the condition of a will, the sum of P20,000 is left to a girl to be held in trust fund by her guardian until it amounts to P50,000. When will the girl receive the money if the fund is invested at 8% compounded quarterly?

• A. 7.98 years
• B. 10.34 years
• C. 11.57 years
• D. 10.45 years

The girl will receive the money if the fund is invested at 8% compounded quarterly in 11.57 years.

Solution:

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