This problem was given by another student in my class & has stumped me.
Your grandmother invested one lump sum 17 years ago at 4.25 percent interest. Today, she gave you the proceeds of that investment which totaled $5,539.92. How much did your grandmother originally invest?
We are to find the original value and we are given the final value. We can use the compound ...
The solution explains how to calculate the present value.