Answer
$P \approx 42769.89$
Work Step by Step
To find the present value for an interest rate $r=0.072$ compounded $m=12$ times per year for $t=11$ months
$A=P(1+\frac{r}{m})^{tm}$
$45678.93=P(1+\frac{0.072}{12})^{11}$
$P \approx 42769.89$
Calculus with Applications (10th Edition)
by Lial, Margaret L.; Greenwell, Raymond N.; Ritchey, Nathan P.
Published by
Pearson
ISBN 10:
0321749006
ISBN 13:
978-0-32174-900-0
Chapter 2 - Nonlinear Functions - 2.6 Applications: Growth and Decay; Mathematics of Finance - 2.6 Exercises - Page 107: 12
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