Section 5.1 Compound Interest
5. A young man is the beneficiary of a trust fund established for him 16 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 quarterly? (Round answer to the nearest cent.) N = I%= PV = PMT= FV = P/Y = C/Y = 6. ................
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