SOLUTION: Anthony invested a sum of money 6 yr ago in a savings account that has since paid interest at the rate of 7%/year compounded quarterly. His investment is now worth $19,713.77. How

Question 676726: Anthony invested a sum of money 6 yr ago in a savings account that has since paid interest at the rate of 7%/year compounded quarterly. His investment is now worth $19,713.77. How much did he originally invest? Please round the answer to the nearest cent.
A) $13,000.01
B) $12,500.01
C) $14,000.01
D) $11,500.01
E) $11,000.01
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi

 In General 

A = Accumulated Amount 19713.77

P= principal = 

r= annual rate = .07

n= periods per year = 4

t= years = 6







 $19,713.77/1.5164 = P = $13,000.01 

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