Find the Principal That Must Be Invested at the Rate

question 54

Multiple Choice

Find the principal that must be invested at the rate 8%, compounded monthly, so that $1,000,000 will be available for retirement in 50 years. Round your answer to the nearest cent.

• A)$250,000.00
• B)$18,560.39
• C)$717,324.37
• D)$333,333.33
• E)$21,321.23

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Definitions:

Truth Values

The valuation in logic that indicates the relationship of a statement to the truth, typically classified as either true or false.

Symbolize

To use symbols to represent ideas, beliefs, or objects in a way that conveys meaning beyond their literal sense.

Main Connective

In logic, the connective that determines the main logical operation in a compound statement.

Truth Values

The valuation of a statement as either true or false within the framework of logic and mathematics.