Bernie Invested a Sum of Money 5 Year(s) Ago in a Savings

question 189

Short Answer

Bernie invested a sum of money 5 year(s) ago in a savings account, which has since paid interest at the rate of 6% / year compounded quarterly. His investment is now worth $22,927.66. How much did he originally invest? Round your answer to the nearest cent.
​ $__________

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Definitions:

Ciliary Ring

Portion of the ciliary body of the eye that contains smooth muscle cells.

Iris

The colored part of the eye surrounding the pupil, controlling the amount of light entering the eye by adjusting the size of the pupil.

Sclera

The white, outer layer of the eyeball, providing protection and form.

Ciliary Muscle

Smooth muscle in the ciliary body of the eye.