Answer:
Initial investment is $16211.42 which is not in the given option
So none of the bellow option is correct
Explanation:
It is given that total amount after 28 years is $48613.24
Rate of interest r = 4.05 %
Time period n = 28 years
We know that future value is give by [tex]A=P(1+\frac{r}{100})^n[/tex], here A is future value , P is present value , r is rate of interest and n is time period
So [tex]48613.24= P(1+\frac{4.05}{100})^{28}[/tex]
[tex]48613.24= P\times 1.04^{28}[/tex]
[tex]48613.24= P\times2.998[/tex]
P = $16211.42
So the initial investment is $16211.42
Which is not in the given option
So none of the above option is correct
