algebra

Find the present value, using the present value formula and a calculator. (Round your answer to the nearest cent.)
Achieve $225,500 at 8.55% compounded continuously for 8 years, 155 days.

I use e for compound continuousy A=Pe^(rt).so I did 225,500=Pe^(.0855*8.42)than I divided both sides by e^(.0855*8.42) than e=2.71, than I did
225,500/e^(.0855*8.42)1097725.13this answer does not look right where did I go wrong. Thank you for your help.

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  1. my equation, (very close to yours)

    225500 = PV e^(8.4246575(.0855))
    225500 = PV e^(.720308219) , now press 2nd ln
    225500 = PV (2.055066524)
    PV = 109,728.81

    I let the calculator carry all the decimal places and only rounded off my final answer to the nearest cent.
    You were off by appr a factor of 10

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    posted by Reiny
  2. Thank you very much Reiny it is greatly appreciate that you give your time to help others.

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