Hi! I am struggling with this problem, and I would really appreciate your assistance.
The problem: Jacob invested money into his bank account 5 years ago, which has paid interest at the rate of 8% yearly compounded quarterly. $22,289,22 is the current value of his investment. How much did he invest originally?
Thank you so much for your help.
So Jacob invested 5 year ago $1500000.61.
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