Determine the Principal P (To the Nearest Cent)that Will Yield $A = 500,000$

Multiple Choice

Determine the principal P (to the nearest cent) that will yield a balance of $A = 500,000$ dollars when invested at rate $r = 6.5 \%$ for 40 years, compounded 12 times per year. Round the answer to two decimal places.

A) $973.96
B) $273,927.55
C) $16,025.64
D) $37,398.27
E) $402,834.63