Use the compound intrest formula to find the oresent value P

Use the compound intrest formula to find the oresent value P, for the following given values.

A= $15,900

i=0.066

n=98

P=? (round to the nearest cent)

Continuously compounded interest formula , A=P.e^i.n ...............(i)

where, P=the principle amount

i=annual interest rate

n=number of years P is invested

A=amount after n years.

Given, A=15900, i=0.066, n=98

We have to find P.

From equation (i), puttiin values of A, i, n we get,

P=15900xe^-(0.066x98) =24.68200382

Therefore, P=$24.68200382=(24.68200382x100) cents= 2468cents