Find the Principal That Must Be Invested at the Rate

question 43

Multiple Choice

Find the principal that must be invested at the rate 8%,compounded monthly,so that $3,000,000 will be available for retirement in 50 years.Round your answer to the nearest cent. ​

• A)$750,000.00
• B)$55,681.16
• C)$2,151,973.12
• D)$1,000,000.00
• E)$63,963.69