SOLUTION: present value of $6000 if interest is 8.5% compounded quarterly for 7 years?

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Question 429470: present value of $6000 if interest is 8.5% compounded quarterly for 7 years?
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!

F+=+P%281%2Br%2Fn%29%5E%28nt%29
6000+=+P%281%2B0.085%2F4%29%5E%284%2A7%29
<==> 6000+=+P%281.02125%29%5E28
<==> 6000%281.02125%29%5E%28-28%29+=+P
==> P = $ 3330.07