Problem $5-3$ Compound Interest $($LO$1)$

Suppose that the value of an investment in the stock market has increased at an average compound rate of about $5\%$ since $1920.$ It is

now $2020.$

Note: For all requirements, do not round intermediate calculations. Round your answer to $2$ decimal places.

a$.$ If your great$-$grandfather invested $$1,000$ in $1920,$ how much would that investment be worth today?

Investment

b$.$ If an investment in $1920$ has grown to $$1$ million, how much was invested in $1920?$

Present value