USA: +1 725-224-8795 
Sign in
Anthony invested a sum of money 2 years ago in a savings account that has since paid interest at the rate of 5%/year compounded quarterly. His investment is now worth $24,289.11. How much did he originally invest? (Round your answer to the nearest cent.)
Expert Answer
| Amount Originally Invested | 21,991.30 |
| Dear Student | |
| Thank you for using Chegg | |
| Please find below the answer and please give thumbs up | |
| Statementshowing Computations | |
| Paticulars | Amount |
| Time period in Years | 2.00 |
| Time period in Quarter = 2*4 | 8.00 |
| Interest rate = 5%/4 | 1.25% |
| Amount, A | 24,289.11 |
| Originally Invest | P |
| A = P(1+r/100)^n | |
| 24,289.11 = P(1+1.25/100)^8 | |
| 24,289.11 = P(1.0125)^8 | |
| 24,289.11 = P*1.104486 | |
| Principal = 24,289.11/1.104486 | 21,991.32 |
