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You invested money in a savings account paying 10% interest seven years ago.

You invested money in a savings account paying 10% interest seven years ago.  The account is now worth $5,527.50.  How much did you invest?

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Expert Solution

PV = FV / (1 + r)^t

PV = $5,527.50 / (1.10)^7

PV = $2,836.48

jeff jeffy answered 1 year ago
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