Solved

Find the Principal That Must Be Invested at the Rate

Question 54

Multiple Choice

Find the principal that must be invested at the rate 8%, compounded monthly, so that $1,000,000 will be available for retirement in 50 years. Round your answer to the nearest cent.


A) $250,000.00
B) $18,560.39
C) $717,324.37
D) $333,333.33
E) $21,321.23

Correct Answer:

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