2. By the condition of a will, the sum of P20,000 is left to a girl to be held in a trust fund by her guardian until it amounts to P50,000. When will the girl receive the money if the fund is invested at 8% compounded quarterly?

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A: Given Future value (F)= Php 10,000 Interest rate (I)= 4%=0.4 Number of year (r)= 21-6 =15 year

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A: Solution

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Q: ong deposited an amount of Php10 000 in a bank that pays 4% annual interest compounded monthly. How…

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