Question: Answer should be $54,362.99. Please provide work on how to arrive at that. 2. Your parents opened a savings account for you 20 years ago.

Answer should be $54,362.99. Please provide work on how to arrive

Answer should be $54,362.99. Please provide work on how to arrive at that.

2. Your parents opened a savings account for you 20 years ago. Today the account has a balance of $56,000. If the account earned 7.2% annually (quarterly compounding), how large was the initial deposit (assuming no other deposits or withdrawals)

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