We calculate first the effective interest given the terms in this item.
ieff = e^r - 1
(effective interest formula here is for compounded continuously cases only)
ieff = e^(0.033) - 1 = 0.03355
The future worth of current investment is calculated through,
F = P x (1 + ieff)^n
Substituting,
$45,000 = P x (1 + 0.033)^19
The value of P is $24,283.23.
