Answer
$303580.52$
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:
$P=500000(1+\dfrac{0.05}{12})^{-(12)(10)} \approx 303580.52$
Algebra and Trigonometry 10th Edition
by Larson, Ron
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
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