Calculate how much Jovin and Simrin inherited

Question

Jovin and Simrin each received a different inherited from their families. Jovin invested his inheritance that earned an annual rate of interest of 5.25% compounded quarterly for 20 years and now had $250000 in the acccount. Simrin invested hers at the same terms and had the same amount of money after 15 years. Algebraically calculate how much Jovin and Simrin inherited. 

 

Awnser: Jovin inherited $88 084.08

Simrin inherited $114 329.99

 

 

Im not sure how to find the steps for this awnser.

Answer 1

Jovin inherited $880,840.82

Simrin inherited $1,143,294.40

Jovin: N = 80 (4*20), I/Y = 1.3125% (5.25%/4), Pmt = $0, FV = $2,500,000 solve for PV

Simrin: N = 60 (4*15), I/Y = 1.3125% (5.25%/4), Pmt = $0, FV = $2,500,000 solve for PV