College Algebra (10th Edition)

Published by Pearson
ISBN 10: 0321979478
ISBN 13: 978-0-32197-947-6

Chapter 6 - Section 6.7 - Financial Models - 6.7 Assess Your Understanding - Page 475: 45


${{\$}} 12,910.62$

Work Step by Step

The present value $P$ of $A$ dollars to be received after $t$ years, assuming a per annum interest rate $r$ compounded continuously, is $P=Ae^{-rt}$ --- $P=15,000e^{(-0.05)(3)}\approx{{\$}} 12,910.62$
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