SOLUTION: Good day, please help me solve this below. I am confused on the "continously" part. 1.Find the present value, using the present value formula and a calculator. (Round to the nea

Algebra ->  Finance -> SOLUTION: Good day, please help me solve this below. I am confused on the "continously" part. 1.Find the present value, using the present value formula and a calculator. (Round to the nea      Log On


   

Question 754039: Good day, please help me solve this below. I am confused on the "continously" part.
1.Find the present value, using the present value formula and a calculator. (Round to the nearest cent).
Achieve $225,500 at 8.75% compounded countinously for 8 years, 145 days.
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
1.Find the present value, using the present value formula and a calculator. (Round to the nearest cent).
Achieve $225,500 at 8.75% compounded countinously for 8 years, 145 days.
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145 days = 145/365 =~ 0.39726
FV+=+PV%2Ae%5E%28rt%29
225000+=+PV%2Ae%5E%280.0875%2A8.39726%29
PV+=+225000%2Fe%5E%280.0875%2A8.39726%29
PV =~ $107914.60