Math

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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 -

    8y 125d = 8.347 years, so just solve for P in

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

  • Math -

    Amount = Pert
    where P=principal, present value
    so
    225500=Pe.0865*(8+125/365)
    solve for P to get:
    109585 (approximately)

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