Find the present value, using the present value formula and a calculator. (Round your answer to the nearest cent.)

Question

Achieve $225,500 at 8.65% compounded continuously for 8 years, 125 days.

Answer 1

8y 125d = 8.347 years, so just solve for P in

P*e^(.0865*8.347) = 225500

Answer 2

Amount = Pe^rt
where P=principal, present value
so
225500=Pe^{.0865*(8+125/365)
solve for P to get:
109585 (approximately)}