Question 607308
In the formula I=pet find p when I=$20,r=5% and t=1year
It's {{{FV = P*e^(rt)}}} and I = FV - P
{{{I = P*e^(rt) - P = P*(e^rt) - 1)}}}
{{{20 = P*(e^0.05) - 1)}}}
{{{20 = P*(1.051271 - 1)}}}
{{{20 = P*0.051271}}}
P =~ $390.08