Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your brother is 6 years old received a trust fund worth $25,000 when he is 21. If fund earns 0.10 interest compound annually what is

Your brother is 6 years old received a trust fund worth $25,000 when he is 21. If fund earns 0.10 interest compound annually what is the value of the fund today?

Your answer should show at least the first 3 rounded non-zero digits followed by zeros.

A)For Example:If the answer is 278,915, the first 3 rounded non-zero digits is 279 and an answer of 279,000 is acceptable. An answer of 278,915 is also acceptable.

B)Another Example: Suppose the answer is 0.08297, then an answer of 0.083 is acceptable.0.0830 and 0.08297 are also acceptable.

Do not use currency signs. Suppose the answer is $40.42, then you should answer 40.4 or 40.42.

Do not use (...) to show negative quantities. If the answer is 0.5192, then do not answer (0.519), rather answer 0.519 or 0.5192.

When you have a question that may be answered as a percentage, answer it instead as a decimal. For example, if the answer for a rate of return is 10.5%, then enter the answer as 0.105 instead of 10.5 or 10.5%.Basically answer the question as the actual number instead of answering it as a percentage.

Step by Step Solution

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

Contemporary Business Mathematics with Canadian Applications

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

11th edition

134141083, 978-0134141084

More Books

Students also viewed these Finance questions

Question

How do governments attempt to control the use of the Internet?

Answered: 1 week ago

Question

What are joint ventures, and why do companies en gage in them?

Answered: 1 week ago

Question

What is transaction risk? Economic risk? Translation risk?

Answered: 1 week ago