Asked by brittny

Anthony invested a sum of money 6 yr ago in a savings account that has since paid interest at the rate of 7%/year compounded quarterly. His investment is now worth $19,713.77. How much did he originally invest? Please round the answer to the nearest cent.
Answered by Steve
P(1+.07/4)^(4*6) = 19713.77
P = 13,000.00
Answered by calmen
2-3(4-1)+5(1+2)
Answered by Yuriy
FV=P*(1+i/m)^(n*m)
19713.77=P*(1+0.07/4)^(6*4)
P = 19713.11 / (1.0175)^(24)
P = 19713.11/1.51644278639= $12 299.57≈$13 000
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