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

Algebra ->  Equations -> 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      Log On


   

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) About Me  (Show Source):
You can put this solution on YOUR website!
55494.22/(1.01)^28=P
55494.22/1.32129=P
P=$42,000