Graded Problem Set Jenna needs to make some house repairs in three years that will cost $9,000. She has some money in an account earning 9% annual interest. How much money needs to be in the account today so she will have enough to pay for the repairs

She needs $6,949.65 in the account today.

Step-by-step explanation:

The compound interest formula is given by:

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.

In this question:

She needs $9,000 in 3 years, so

9% annual interest, so

1 compounding, so

How much money needs to be in the account today so she will have enough to pay for the repairs

We need to find P.

She needs $6,949.65 in the account today.

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