Answer
$408$
Work Step by Step
$FV=297.91, r=0.05, m=\frac{12}{4}=3, t=6$
$FV=PV(1+\frac{r}{m})^{mt}$
$297.91=PV(1-\frac{0.05}{3})^{18}$
$PV=\frac{297.91}{0.73}=408$
Finite Math and Applied Calculus (6th Edition)
by Waner, Stefan; Costenoble, Steven
Published by
Brooks Cole
ISBN 10:
1133607705
ISBN 13:
978-1-13360-770-0
Chapter 2 - Section 2.2 - Compound Interest - Exercises - Page 143: 35
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