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=9% for 40 years, compounded 4 times per year. Round the answer to two decimal places.

A) $173,611.11
B) $14,218.75
C) $1,026,614.38
D) $147,569.44
E) $71,090.14