A young man is the beneficiary of a trust fund established for him 21 years ago at his birth. If the original amount placed in trust was $20,000, how much will he receive if the money has earned interest at the rate of 9%/year compounded annually? Compounded quarterly? Compounded monthly? (Round your answers to the nearest cent.) compounded annually       compounded quarterly       compounded monthly

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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A young man is the beneficiary of a trust fund established for him 21 years ago at his birth. If the original amount placed in trust was $20,000, how much will he receive if the money has earned interest at the rate of 9%/year compounded annually? Compounded quarterly? Compounded monthly? (Round your answers to the nearest cent.)

compounded annually      
compounded quarterly      
compounded monthly
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