Problema Solution
Find present value. 225,500 at 8.75% interest compounded continuously for 8 years 155 days.
Answer provided by our tutors
Find present value. 225,500 at 8.75% interest compounded continuously for 8 years 155 days.
Time (n) = 8 + 155/365 = 8.4247 years
P = A*(1+r/100)-n = 225,500(1 + 8.75/100)-8.4247 = 111235.25