SOLUTION: Anthony invested a sum of money 7 years ago in a savings account that has since paid interest at the rate of 4%/year compounded quarterly. His investment is now worth $55,494.22. H
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Question 730129: Anthony invested a sum of money 7 years ago in a savings account that has since paid interest at the rate of 4%/year compounded quarterly. His investment is now worth $55,494.22. How much did he originally invest?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
55494.22/(1.01)^28=P
55494.22/1.32129=P
P=$42,000
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