Answer:
$90,962.66
Step-by-step explanation:
The formula for this is, where V = amount after t years:
V = P(1 + r/n)^nt where P is the amount invested, r = the rate as a decimal fraction, n is the number of times interest compounded each year and t = the number of years.
Here, V = 340,000, r = 0.07, n = 4 , t = 19 and P is to be found.
340,000 = P(1 + 0.07/4)^(4*19)
340,000 = P( 1.0175)^76
P = 340,000 / (1.0175^76)
P = $90,962.66
