Clyde inherited his grandparents' estate and th grandmother's parents had created for her whe now worth $34900. If it earned 6.5% interest compounded quarterl what was the original amount that her parents

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 30RE: The twins Sarah and Scott both opened retirement accounts on their 2lst birthday. Sarah deposits...
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Clyde inherited his grandparents' estate and their lawyer told him they found an account that his
grandmother's parents had created for her when she was a child. It was promptly forgotten about. It was
now worth $34900.
If it earned 6.5% interest compounded quarterly the whole time and it had been sitting there for 76 years,
what was the original amount that her parents invested?
The original amount is $
Round answer to 2 decimal places
Transcribed Image Text:Clyde inherited his grandparents' estate and their lawyer told him they found an account that his grandmother's parents had created for her when she was a child. It was promptly forgotten about. It was now worth $34900. If it earned 6.5% interest compounded quarterly the whole time and it had been sitting there for 76 years, what was the original amount that her parents invested? The original amount is $ Round answer to 2 decimal places
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