What principal amount a student invested at 8 compounded qua

What principal amount a student invested at 8% compounded quarterly for 6 years will yield $9000? Round the answer to two decimal places. 17.

Solution

A=P(1+(r/n))^nt

In case of quaterly, n=4

9000=P(1+(.08/4))^6*4

9000=P(1.02)²⁴

P=5595.49