Arman's parents gave him some money as a gift and deposit all of it in a bank that pays 5% annual interest compounded quarterly. After 12 years his balance is $19,000. How much money as a gift his parents gave him. Use six digits after decimal when calculating. For your final answer, round to two digits after decimal.

Answer rating: 100% (QA)

To find out how much money Armans parents gave him as a gift we need to work backward ... View the full answer