7. If you want to have $1000 in 9 months, how much would you need to place in a savings account that pays 5% compounded quarterly? Solution A = P(1+r/n)nt 1000 = P(1+0.05/4)4*(9/12) 1000 = P(1.0125)3 1000 = P (1.037970703125) 1000 / 1.037970703125 = P $963.42 = P.