Find the Principal That Must Be Invested at the Rate

question 82

Multiple Choice

Find the principal that must be invested at the rate 6%, compounded monthly, so that $3,000,000 will be available for retirement in 55 years. Round your answer to the nearest cent. ​

• A) $909,090.91
• B) $111,563.08
• C) $2,280,278.32
• D) $825,000.00
• E) $121,702.27

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Definitions:

Market Segment

A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

North Carolina

A U.S. state located in the southeastern region, known for its diverse landscapes ranging from Atlantic Ocean beaches to the Appalachian Mountains.

Target Market Segment

A specific portion of a broader target market identified as being most likely to respond positively to certain marketing strategies.

Perceptual Mapping

A visual technique used in marketing to display the perceptions of consumers towards a product, brand, or company.