Determine the Principal P (To the Nearest Cent)that Will Yield

Multiple Choice

Determine the principal P (to the nearest cent) that will yield a balance of A=2,500,000 dollars when invested at rate r=11% for 40 years, compounded once per year. Round the answer to two decimal places.

A) $56,306.31
B) $568,181.82
C) $68,460.62
D) $55,625.00
E) $38,461.03