By the conditions of a will, the sum of P25,000 is left to a girl to be held in trust by her guardian until it amounts to 45,000. when will the girl receive the money if the fund is invested at 8% compounded quarterly?? please show the solution.. thank you:)

Answer 1

8%/4 = 2% per quarter

so every three months multiply by 1.02

25 * 1.02^n = 45

1.02^n = 1.8

n log 1.02 = log 1.8

n = 29.68 quarters
or 7.42 years

Answer 2

wooow..thanks:)

Answer 3

how you get 1.02

Answer 4

F=P*(1+i)^n --->formula
1.02 is from (1+.02)
since 8% compounded Quarterly..
8%/4=0.02

Answer 5

7.42

Answer 6

thank you very much.