Question
A grandmother leaves $376700 in her estate to be divided equally among her five grandchildren. Four of them are adults so receive their shares immediately.
A grandmother leaves $376700 in her estate to be divided equally among her five grandchildren. Four of them are adults so receive their shares immediately. Jacob is only 10 so he will receive the inheritance on his 18th birthday which is exactly 7 years and 8 months from now. If the money is invested in a trust account which earns 6.7%p.a. compounded monthly, how much will Jacob receive on his 18th birthday?
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Linear Algebra A Modern Introduction
Authors: David Poole
4th edition
1285463242, 978-1285982830, 1285982835, 978-1285463247
