Algebra and Trigonometry 10th Edition

Published by Cengage Learning
ISBN 10: 9781337271172
ISBN 13: 978-1-33727-117-2

Chapter 5 - 5.5 - Exponential and Logarithmic Models - 5.5 Exercises - Page 405: 13



Work Step by Step

We have $A=P(1+\dfrac{r}{n})^{nt} $ Re-write as: $P=A(1+\dfrac{r}{n})^{-nt} $ Plug in the given values: $P=500000(1+\dfrac{0.05}{12})^{-(12)(10)} \approx 303580.52$
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