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

Multiple Choice

Determine the principal that must be invested at rate r, compounded monthly, so that $\$ 1,000,000$ will be available for retirement in t years. $r = 5 \% , t = 10$ (Round the answer upto 2 decimal places.)

A) $\$ 707,161.04$
B) $\$ 807,161.04$
C) $\$ 607,161.04$
D) $\$ 507,161.04$
E) $\$ 407,161.04$