Answer
$P=41668.97$
Work Step by Step
$A(t)=P(1+\frac{r}{n})^{nt},$
$r=0.04, n=2, t=18,
A(18)=85000,$
$A(18)=P(1+0.02)^{36}=85000,$
$P(1.02)^{36}=85000,$
$P=\frac{85000}{(1.02)^{36}}=41668.97$
College Algebra (10th Edition)
by Sullivan, Michael
Published by
Pearson
ISBN 10:
0321979478
ISBN 13:
978-0-32197-947-6
Chapter 6 - Review Exercises - Page 500: 50
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