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If f(3) = 191.5 when r = 0.03 for the function , then what is the approximate value of P?

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If f(3) = 191.5 when r = 0.03 for the function ,...

a.210

b.17

c.78

d.471

asked May 7, 2012 in Word Problem Answers by anonymous

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1 Answer

I'm guessing that the function is f(x)=P(1-r)^x. If f(3)=191.5=P(1-r)^3=P(0.97)^3, then P=191.5/0.97^3=191.5/0.9127=209.82, or approximately 210 (answer a).

answered Mar 5, 2015 by Rod Top Rated User (1.1m points)

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