It is now 2021 and you are expecting to receive a gift of $5,000 in July to help you pay for the next 2 years of college. Your parents set aside an amount of money in July 2016 to have that amount today. They were guaranteed 6% compounded annually. How much did they initially invest in 2016?

It is now 2021 and you are expecting to receive a gift of $5,000 in July to help you pay for the next 2 years of college. Your parents set aside an amount of money in July 2016 to have that amount today. They were guaranteed 6% compounded annually. How much did they initially invest in 2016? a) $4,058.21 Ob) $3,736.29 c) $3,524.80 d) $6,691.13