Posted by **Brook** on Tuesday, May 13, 2014 at 11:19am.

Find the present value, using the present value formula and a calculator. (Round your answer to the nearest cent.)

Achieve $225,500 at 8.65% compounded continuously for 8 years, 125 days.

- Math -
**Steve**, Tuesday, May 13, 2014 at 12:42pm
8y 125d = 8.347 years, so just solve for P in

P*e^(.0865*8.347) = 225500

- Math -
**MathMate**, Tuesday, May 13, 2014 at 12:51pm
Amount = Pe^{rt}

where P=principal, present value

so

225500=Pe^{.0865*(8+125/365)
solve for P to get:
109585 (approximately)
}

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