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Present Value Computation Pete Frost made a deposit into his savings account 3 years ago, and...

Present Value Computation
Pete Frost made a deposit into his savings account 3 years ago, and earned interest at an annual rate of 8%. The deposit accumulated to $20,000. How much was initially deposited assuming that the interest was compounded (a) annually, (b) semiannually, and (c) quarterly?
Use Excel or a financial calculator for computation. Round your answer to nearest dollar.

(a) Annually Answer
(b) Semiannually Answer
(c) Quarterly Answer
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