How long will P2.5M amounts to P4.5M at 8% compounded quarterly?
Problem
By the conditions of a will, the sum of P2.5M is left to a girl to be held in a trust fund by her guardian until it amounts to P4.5M. When will the girl receive the money if the fund is invested at 8% compounded quarterly?
| A. 7 years | C. 7.42 years |
| B. 6.8 years | D. 7.25 years |