Determine the principal that must be invested at rate r, compounded monthly, so that $\$ 1,500,000$ will be available for retirement in t years. $r = 5 \% , t = 10$ (Round the answer upto 2 decimal places.)
A)$\$ 1,110,741.56$
B) $\$ 1,010,741.56$
C) $\$ 710,741.56$
D) $\$ 810,741.56$
E) $\$ 910,741.56$

Question

Determine the principal that must be invested at rate r, compounded monthly, so that $\$ 1,500,000$ will be available for retirement in t years. $r = 5 \% , t = 10$ (Round the answer upto 2 decimal places.) 
A)$\$ 1,110,741.56$
B) $\$ 1,010,741.56$
C) $\$ 710,741.56$
D) $\$ 810,741.56$
E) $\$ 910,741.56$

Quizplus · Accepted Answer

The Answer of Determine the principal that must be invested at rate r, compounded monthly, so that $\$ 1,500,000$ will be available for retirement in t years. $r = 5 \% , t = 10$ (Round the answer upto 2 decimal places.) 
A)$\$ 1,110,741.56$
B) $\$ 1,010,741.56$
C) $\$ 710,741.56$
D) $\$ 810,741.56$
E) $\$ 910,741.56$

Determine the Principal That Must Be Invested at Rate R $1,500,000\$ 1,500,000$1,500,000

Determine the Principal That Must Be Invested at Rate R $\$ 1,500,000$