Help with Algebra QuestionD

Algebra
Tutor: None Selected Time limit: 1 Day

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

Achieve $225,500 at 8.35% compounded continuously for 8 years, 145 days.

Dec 12th, 2014

Assuming present value is a.

8 year, 145 days=8+145/356=8.407 years

Then a*(1+8.35%)^8.407=225500

        a*1.0835^8.407=225500

        1.962a=225500

          s=114933.74

So the present value is $114933.74.

Dec 12th, 2014

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