Arman's parents gave him some money as a gift and deposit all of it in a bank that pays 5% annual interest compounded quarterly. After 12 years his balance is $17,000. How much money as a gift his parents gave him. Use six digits after decimal when calculating. For your final answer, round to two digits after decimal. Select the closest answer.

Arman's parents gave him some money as a gift and deposit all of it in a bank that pays 5% annual interest compounded quarterly. After 12 years his balance is $17,000. How much money as a gift his parents gave him. Use six digits after decimal when calculating. For your final answer, round to two digits after decimal. Select the closest answer.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.4: Geometric Sequences And Series

Problem 7SC

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