Question

Money is invested into an account earning 4.25% interest compounded annually. If the accumulated value after 18 years will be $25,000, approximately how much money is presently in the account?

a. $5,875
b. $11,820
c. $19,125
d. $23,960

Answer 1

answer is b on edge 2020

Explanation:

just took the test

Answer 2

P=25,000÷(1+0.0425)^(18)
P=11,818.73
So the answer is b