Math Problem Statement
How much money should be invested in an account that earns 9% interest compounded quarterly to yield $10,000 in 7 years? (Round your answer to the nearest cent.) $
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
A = P(1 + r/n)^(nt)
P = A / (1 + r/n)^(nt)
Theorems
Compound Interest Formula
Suitable Grade Level
Grades 10-12
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