PROBLEM 11 Mr.B invested a sum of money 5 years ago in a saving account that pays interest at the rate of 4%per year compounded quarterly. His investment now is worth $22,289.22.How much did he originally invest?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
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PROBLEM 11

Mr.B invested a sum of money 5 years ago in a saving account that pays interest at the rate of 4%per year compounded quarterly. His investment now is worth $22,289.22.How much did he originally invest?

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