Answer:
$188,947
Explanation:
Data provided in the question:
Future value = $190,000
Time, t = 270 days = \text{ 270 days } =[tex]\frac{ 270 }{365}[/tex] = 0.73973 years
Interest rate = 0.75% = 0.0075
Compounded quarterly i.e number of periods n = 4
Now,
Future value = Amount invested × [tex]( 1 + \frac{r}{n} \right)^{\Large{n \cdot t}} $[/tex]
or
$190,000 = Amount invested × [tex]( 1 + \frac{0.0075}{4} \right)^{\Large{4\times0.73973 }} $[/tex]
or
$190,000 = Amount invested × [tex]{ 1.00188 } ^ { 2.95892 }[/tex]
or
Amount invested = $188,947
