Answer
$296003.78$
Work Step by Step
We have $A=P(1+\dfrac{r}{n})^{nt} $
Re-write as: $P=A(1+\dfrac{r}{n})^{-nt} $
Plug in the given data:
$P=500000(1+\dfrac{0.035}{12})^{-(12)(15)} \approx 296003.78$
Algebra and Trigonometry 10th Edition
by Larson, Ron
Published by
Cengage Learning
ISBN 10:
9781337271172
ISBN 13:
978-1-33727-117-2
Chapter 5 - 5.5 - Exponential and Logarithmic Models - 5.5 Exercises - Page 405: 14
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