John won a lottery ticket and deposit all of it in a bank that pays 8% annual interest compounded quarterly.  After 10 years his balance is $20,000.  How much has he won from the lottery ticket.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
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Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...
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John won a lottery ticket and deposit all of it in a bank that pays 8% annual interest compounded quarterly.  After 10 years his balance is $20,000. 

How much has he won from the lottery ticket.

Use three digits after decimal when calculating. 

For your final answer, round to two digits after decimal.

Select the closest answer. 

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