anonymous
  • anonymous
How much should Sabrina invest now in a money market account if she wishes to have $9000 in the account at the end of 10 years? The account provides an APR of 6% compounded quarterly. The formula for compound interest is A = P(1 + r/n)^nt.
Mathematics
jamiebookeater
  • jamiebookeater
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ganeshie8
  • ganeshie8
plugin the numbers in the given formula. A = 9000, r = .06 n = quaterly compounding = 4 times a year t = 10 years \(\huge 9000 = P(1+\frac{.06}{4})^{(4*10)}\)
ganeshie8
  • ganeshie8
@kenneyfamily can you solve for P ?
anonymous
  • anonymous
do you divide 9000 by 1.814?

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ganeshie8
  • ganeshie8
yep! http://www.google.co.in/webhp?sourceid=chrome-instant&ie=UTF-8#hl=en&sclient=psy-ab&q=(1%2B.06%2F4)%5E(40)&oq=(1%2B.06%2F4)%5E(40)&gs_l=hp.3...9761.24587.0.24902.2.2.0.0.0.0.170.170.0j1.1.0...0.0.8_JzXG_RiJA&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&fp=d70cb7a1447ca32b&biw=1822&bih=1019
anonymous
  • anonymous
THANK YOU!!!! so helpful
ganeshie8
  • ganeshie8
yw !! glad to hear :))

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