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
The sum of money Hector originally invested is closest to
- $355 000
- $370 000
- $377 000
- $384 000
- $385 000