Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A man donated a certain amount on a trust fund that will provide an end of the month scholarship grantee for poor deserving students for

A man donated a certain amount on a trust fund that will provide an end of the month scholarship grantee for poor deserving students for a period of 10 years. This amount earns an interest rate of 8% compounded monthly. The scholarship amounts to P15,000 every month and the first grant is to be given three years after donation.

A. What was the amount of the actual donation?

B. How much amount of money will be still available on the trust fund, seven years after the beginning of scholarship program?

C. How much total amount was already granted by the program to its scholars for its half-period of operation?

Step by Step Solution

3.39 Rating (165 Votes )

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance Building Your Future

Authors: Robert B. Walker, Kristy P. Walker

1st edition

9780077861728, 978-0073530659

More Books

Students also viewed these Accounting questions

Question

Prepare journal entries to record sales of merchandise on account.

Answered: 1 week ago

Question

Alcohol and drug use among student athletes

Answered: 1 week ago