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Question: Suppose that a particularly thoughtful investor, thinking of posterity, invests the sum of $1000 on July 15, 1865. His investment returns to him or his heirs at the rate of 8% compounded daily. He stipulates in his last will and testimony that the first heir born after the value of the original investment accrues to five-million dollars may claim the accumulated money! What is the earliest date at which an ancestor may claim the 'surprise fortune'?

Oh, ......there is one other inviolable condition ........ the heir must have attained at least 18-years of age!

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92571877

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