.Atrustfundforachild’seducationisbeingsetupbyasinglepaymentsothatatthe endof15yearstherewillbeGHS50,000.Ifthefundearnsinterestattherateof14% perannum,howmuchmoneyshouldbepaidintothefund?

To solve this problem, we need to use the formula for the future value of a lump sum investment, which is:

FV = PV * (1 + r/n)^(nt)

Where: FV = Future Value (the amount of money the trust fund will have in 15 years, which is GHS 50,000) PV = Present Value (the amount of money that should be paid into the fund now, which is what we're trying to find) r = annual interest rate (14% or 0.14 in decimal form) n = number of times that interest is compounded per unit t (since it's not specified in the problem, we'll assume it's compounded once per year, so n = 1) t = time the money is invested for in years (15 years)

We need to rearrange the formula to solve for PV:

PV = FV / (1 + r/n)^(nt)

Substituting the given values into the formula:

PV = 50,000 / (1 + 0.14/1)^(1*15)

Now, calculate the value inside the brackets:

PV = 50,000 / (1.14)^15

Finally, calculate the present value (PV):

PV = GHS 11,275.64

So, approximately GHS 11,275.64 should be paid into the fund now to have GHS 50,000 in 15 years with an annual interest rate of 14%.