Precalculus (6th Edition)

Published by Pearson
ISBN 10: 013421742X
ISBN 13: 978-0-13421-742-0

Chapter 4 - Inverse, Exponential, and Logarithmic Functions - 4.2 Exponential Functions - 4.2 Exercises - Page 433: 100

Answer

$43411.15\ dollars$

Work Step by Step

Given $A=45000, r=0.036, n=12, t=1\ yr$, we have: $A=P(1+\frac{r}{n})^{nt}\longrightarrow 45000=P(1+\frac{0.036}{12})^{12(1)}\longrightarrow P\approx 43411.15\ dollars$
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