The Compound Interest Formula Can Be Rewritten As $P = \frac { A } { ( 1 + r / n ) ^ { n t } }$

question 72

Multiple Choice

The compound interest formula can be rewritten as $P = \frac { A } { ( 1 + r / n ) ^ { n t } }$ Find the principal amount $P$ that could have been invested on the day you were born at 4.5% annual interest compounded monthly to make you a millionaire on your 21st birthday.

• A)$243,354.47
• B)$389,367.15
• C)$292,025.36
• D)$194,683.58
• E)$316,360.81

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