Chapter 5.1, Problem 52E

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12th Edition

Soo T. Tan

ISBN: 9781337405782

Textbook Problem

**TRUST FUNDS **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

To determine

The amount that the young man will earn from the trust fund when it is compounded annually, when compounded quarterly and when compounded monthly.

Explanation

**Given:**

The fund invested was

The interest rate is

Time period is

**Approach:**

The expression of the accumulated amount.

Here,

**Calculation:**

Calculate the present worth of the trust fund when compounded annually.

The period per year is,

Substitute

Calculate the present worth of the trust fund when compounded quarterly.

The period per year is,

Substitute

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