A man who won 730,000 pesos in a lottery decided to place 50% of his winnings in a trust fund for the college education of his son. If the money will earn 14% a year compounded quarterly, how much will the man have at the end of 6 years, when his son will be starting his college education?
A man who won 730,000 pesos in a lottery decided to place 50% of his winnings in a trust fund for the college education of his son. If the money will earn 14% a year compounded quarterly, how much will the man have at the end of 6 years, when his son will be starting his college education?
Chapter13: Investment Fundamentals
Section: Chapter Questions
Problem 2DTM
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A man who won 730,000 pesos in a lottery decided to place 50% of his winnings in a trust fund for the
college education of his son. If the money will earn 14% a year compounded quarterly, how much will
the man have at the end of 6 years, when his son will be starting his college education?
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