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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.
 one year ago
 one year 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.
 one year ago
 one year ago

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ganeshie8Best 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 \(\huge 9000 = P(1+\frac{.06}{4})^{(4*10)}\)
 one year ago

ganeshie8Best ResponseYou've already chosen the best response.2
@kenneyfamily can you solve for P ?
 one year ago

kenneyfamilyBest ResponseYou've already chosen the best response.1
do you divide 9000 by 1.814?
 one year ago

kenneyfamilyBest ResponseYou've already chosen the best response.1
THANK YOU!!!! so helpful
 one year ago

ganeshie8Best ResponseYou've already chosen the best response.2
yw !! glad to hear :))
 one year ago
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