
Andrew C. answered 03/26/21
Background in Applied Mathematics and Statistics
For the record, I don't think you entered that equation correctly (assuming "over" indicates division), given that it is a decreasing value over time... but here it is:
The tiny hiccup that students catch in these kinds of problems is to remember to convert to the units of t. Here t is in months, and you have a 1-year period of time, or t = 12 months. Plug t=12 into the equation:
P = 1500 / (1+8e-0.15(12)) = 1500 / (1 + 8e-1.8) = 1500 / (1+1.322) = 645.88
In the event the equation is supposed to look differently, please post the correction, and we can look again.