Bernie Invested a Sum of Money 7 Year(s) Ago in a Savings

question 96

Multiple Choice

Bernie invested a sum of money 7 year(s) ago in a savings account, which has since paid interest at the rate of 8% / year compounded quarterly. His investment is now worth $22,927.66. How much did he originally invest? Round your answer to the nearest cent. ​

• A) $12,924.83
• B) $13,169.06
• C) $13,006.24
• D) $13,087.65
• E) $13,250.47

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Definitions:

Cash Flow From Operations

A measure of the cash a company generates from its regular business activities, excluding costs associated with financing or investments.

Fixed Assets

Tangible assets held for a long duration, employed in business operations, and not anticipated to be converted into cash or consumed within a short period.

Financial Statements

Reports that provide an overview of a company's financial condition in an accounting period, including the income statement, balance sheet, cash flow statement, and statement of changes in equity.

Statement of Changes

A financial statement that reports on the changes in equity of a company during a specific period.