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kenneyfamily
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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.
 2 years ago
 2 years ago
kenneyfamily Group Title
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.
 2 years ago
 2 years ago

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ganeshie8 Group TitleBest ResponseYou've already chosen the best response.2
plugin the numbers in the given formula. A = 9000, r = .06 n = quaterly compounding = 4 times a year t = 10 years \(\huge 9000 = P(1+\frac{.06}{4})^{(4*10)}\)
 2 years ago

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.2
@kenneyfamily can you solve for P ?
 2 years ago

kenneyfamily Group TitleBest ResponseYou've already chosen the best response.1
do you divide 9000 by 1.814?
 2 years ago

kenneyfamily Group TitleBest ResponseYou've already chosen the best response.1
THANK YOU!!!! so helpful
 2 years ago

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.2
yw !! glad to hear :))
 2 years ago
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