Determine the Principal That Must Be Invested at Rate R $\$ 1,000,000$

question 42

Multiple Choice

Determine the principal that must be invested at rate r, compounded monthly, so that $\$ 1,000,000$ will be available for retirement in t years. $r = 5 \% , t = 10$ (Round the answer upto 2 decimal places.)

• A) \(\$ 707,161.04\)
• B) \(\$ 807,161.04\)
• C) \(\$ 607,161.04\)
• D) \(\$ 507,161.04\)
• E) \(\$ 407,161.04\)

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