Calculus with Applications (10th Edition)

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


$P \approx 42769.89$

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 $A=P(1+\frac{r}{m})^{tm}$ $45678.93=P(1+\frac{0.072}{12})^{11}$ $P \approx 42769.89$
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