Clyde inherited his grandparents' estate and

Question

Clyde inherited his grandparents' estate and their lawyer told him they found an account that his grandmother's parents had created for her when she was a child. It was promptly forgotten about. It was now worth $.If it earned % interest compounded quarterly the whole time and it had been sitting there for  years, what was the original amount that her parents invested?The

original amount is $______ . Round answer to 2 decimal places

Please do not use calculus to solve this.

Answer 1

Hi Mun,

use the Compound interest formula and find P

use n= 4, t= 70, A =97200, r= 0.08

hope this helps