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:

Jurisdiction

The legal authority granted to a court to hear and decide cases, determined by factors such as geographic area and case type.

Original

Pertaining to the first or earliest form of something, or being an authentic creation not derived from anything else.

Federal Jurisdiction

Refers to the legal scope within which federal courts in the United States have the authority to hear and decide cases.

State Jurisdiction

The authority given to a state to govern or legislate over certain matters within its territorial boundaries.