Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

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

  • This Question is Closed
  1. ganeshie8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 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
  2. ganeshie8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 2

    @kenneyfamily can you solve for P ?

    • 2 years ago
  3. kenneyfamily Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

    do you divide 9000 by 1.814?

    • 2 years ago
  4. kenneyfamily Group Title
    Best Response
    You've already chosen the best response.
    Medals 1

    THANK YOU!!!! so helpful

    • 2 years ago
  5. ganeshie8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 2

    yw !! glad to hear :))

    • 2 years ago
    • Attachments:

See more questions >>>

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.