Asked by Ryan

By a condition of a will, the sum of Php 2.5M is left to a son to be held in a trust fund by his guardian until it amounts to Php 4.5M. When will th son receive the money if the fund is invested at 12% compounded quarterly.
Answered by oobleck
2.5(1 + .12/4)^(4x) = 4.5
1.03^(4x) = 1.8
4x ln1.03 = ln1.8
x = ln1.8/(4ln1.03) = 4.97 years
Answered by Anonymous
5 YEARS
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