Determine the Principal P (To the Nearest Cent)that Will Yield

question 62

Multiple Choice

Determine the principal P (to the nearest cent) that will yield a balance of A=2,500,000 dollars when invested at rate r=9% for 40 years, compounded 4 times per year. Round the answer to two decimal places.

• A)$173,611.11
• B)$14,218.75
• C)$1,026,614.38
• D)$147,569.44
• E)$71,090.14

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Definitions:

IQR

Interquartile Range, a measure of statistical dispersion, which is the difference between the 75th and 25th percentiles of the data.

Range

The difference between the highest and lowest values in a dataset, indicating the spread of the data.

Median

The middle value in a data set, which divides the set into two equal halves when the values are arranged in ascending order.

IQR

The Interquartile Range, which measures the spread of the middle 50% of a data set.