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Help with solving algebra word problem

Algebra
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Find the present value, using the present value formula and calculator. (round answer to the nearest cent.) 

Achieve $225,500 at 8.65% compounded continuously for 8 years, 155 days.

Nov 24th, 2014


cash flow=$225,500

r=8.65%

n=8 years+155 days

=8+0.42465=8.42465years

Formula is:

Present value= future valu/((1+rate)/100 * (days /days in year)))


Present value=225500/((1+8.65)/100*155/365))

=225500/((9.65)/100*0.42465))

=225500/0.0965*0.42465

=2225500/0.040978

=$112144.04

Nov 24th, 2014

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