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kenneyfamily

  • 2 years ago

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.

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  1. ganeshie8
    • 2 years ago
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    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. ganeshie8
    • 2 years ago
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    @kenneyfamily can you solve for P ?

  3. kenneyfamily
    • 2 years ago
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    do you divide 9000 by 1.814?

  4. kenneyfamily
    • 2 years ago
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    THANK YOU!!!! so helpful

  5. ganeshie8
    • 2 years ago
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    yw !! glad to hear :))

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