Compounding Continously

Question

John wants to buy a new sports car, and he estimates that he'll need to make a $4,325.00 down payment towards his purchase. If he has 35 months to save up for the new car, how much should he deposit into his account if the account earns 2.08% compounded continuously so that he may reach his goal ?

Answer 1

A = Pe^rt

4325 = Pe^{(0.0208)(35/36)}

4325 = Pe^0.0202

ln 4225 = ln P + 0.0202

 

Can you solve for P and answer?