Question

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.

Answer #1

So Jacob invested 5 year ago $1500000.61.

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