Answer
$22,902.04\ dollars$
Work Step by Step
Given $A=25000, r=0.032, n=4, t=\frac{11}{4}\ yr$, we have:
$A=P(1+\frac{r}{n})^{nt}\longrightarrow 25000=P(1+\frac{0.032}{4})^{4(\frac{11}{4})}\longrightarrow P\approx22,902.04\ dollars$
Precalculus (6th Edition)
by Lial, Margaret L.; Hornsby, John; Schneider, David I.; Daniels, Callie
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: 99
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