A man who won 730,000 pesos in a lottery decided to place 50% of his winnings in a trust fund for the college education of his son. If the money will earn 14% a year compounded quarterly, how much will the man have at the end of 6 years, when his son will be starting his college education?

A man who won 730,000 pesos in a lottery decided to place 50% of his winnings in a trust fund for the college education of his son. If the money will earn 14% a year compounded quarterly, how much will the man have at the end of 6 years, when his son will be starting his college education?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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A man who won 730,000 pesos in a lottery decided to place 50% of his winnings in a trust fund for the
college education of his son. If the money will earn 14% a year compounded quarterly, how much will
the man have at the end of 6 years, when his son will be starting his college education?

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