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

Multiple Choice

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) $\$ 910,741.56$