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Determine sum of money hector originally invested is closet

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Reference no: EM132931297

Twenty years ago, Hector invested a sum of money in an account earning interest at the rate of 3.2% per annum, compounding monthly.

After 10 years, he made a one-off extra payment of $10 000 to the account. For the next 10 years, the account earned interest at the rate of 2.8% per annum, compounding monthly. The balance of his account today is $686 904.09

Problem 1: The sum of money Hector originally invested is closest to

A. $355 000

B. $370 000

C. $377 000

D. $384 000

E. $385 000

Reference no: EM132931297

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