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 $24,204.54. How much did he originally invest? Round your answer to the nearest cent. 
$__________
Definitions:
Spot Price
The current market price at which a particular asset can be bought or sold for immediate delivery.
Arbitrage Opportunities
Situations where a trader can make a profit from the price difference of a security or commodity in two different markets without risk.
Spot Price
The current market price at which a particular asset, such as a commodity, currency, or security, can be bought or sold for immediate delivery.
Gold
A precious metal that serves as a form of investment, currency, and store of value, historically used to hedge against inflation and currency devaluation.
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