#### Answer

$8339.5

#### Work Step by Step

We are given $P=1280, i=0.07, n=9$
the formula is $P=R[\frac{1-(1+i)^{-n}}{i}]$
so $\rightarrow P=1280[\frac{1-(1+0.07)^{-9}}{0.07}] \approx \$ 8339.5$

Published by
Pearson

ISBN 10:
0321749006

ISBN 13:
978-0-32174-900-0

$8339.5

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