SOLUTION: In the formula I=pet find p when I=$20,r=5% and t=1year

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Question 607308: In the formula I=pet find p when I=$20,r=5% and t=1year
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
In the formula I=pet find p when I=$20,r=5% and t=1year
It's FV+=+P%2Ae%5E%28rt%29 and I = FV - P
I+=+P%2Ae%5E%28rt%29+-+P+=+P%2A%28e%5Ert%29+-+1%29
20+=+P%2A%28e%5E0.05%29+-+1%29
20+=+P%2A%281.051271+-+1%29
20+=+P%2A0.051271
P =~ $390.08