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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