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

(Last Updated On: January 9, 2020)

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

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

Problem Answer:

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

Solution:

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

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