Compounded annually and compounded quarterly

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Reference no: EM131926922

A young man is the beneficiary of a trust fund established for him 21 yr ago at his birth. If the original amount placed in trust was $40,000, how much will he receive if the money has earned interest at the rate of 10% year compounded annually? Compounded quarterly? Compounded monthly? (Round your answers to the nearest cent.)

Reference no: EM131926922

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