Your father invested a lump sum 24 years ago at 5.75 percent interest compounded monthly. Today, he gave you the proceeds of that investment which totaled $105,099.24. How much did your father originally invest? A. $15,929.47 B. $16,500.00 C. $17,444.86 D. $26,528.00 E. $27.470.75

Your father invested a lump sum 24 years ago at 5.75 percent interest compounded monthly. Today, he gave you the proceeds of that investment which totaled $105,099.24. How much did your father originally invest? A. $15,929.47 B. $16,500.00 C. $17,444.86 D. $26,528.00 E. $27.470.75

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter16: Interest, Rent, And Profit

Section: Chapter Questions

Problem 1WNG

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Question

Your father invested a lump sum 24 years ago at 5.75 percent interest compounded
monthly. Today, he gave you the proceeds of that investment which totaled
$105,099.24. How much did your father originally invest?
A. $15,929.47
B. $16,500.00
C. $17,444.86
D. $26,528.00
E. $27,470.75

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