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The equation, A equal to P quantity 1 plus 0.03 over 4 end quantity all raised to the power of 4 times t, represents the amount of money earned on a compound interest savings account with an annual interest rate of 3% compounded quarterly. Determine the value of P if after 7 years, the account balance is $10,478.05. Round the answer to the nearest hundredths place. P = 1,383.08 P = 4,579.77 P = 8,500.00 P = 10,170.34

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