interest rate 5.25 yearly so 5.25/4 = 1.3125 % per quater
28403 /((1+ .013125)^12)
= $ 24 288.9
The question is: Today, in another account, you have $28403 in your account. What did you deposit into your account three years ago if the annual interest rate was fixed at 5.25% and interest earned is compounded quarterly.
Thank you if you decide to help
