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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Practical

Relating to actual experience or use; concerned with the application or use of something rather than theory.

Timely

Occurring at a suitable or opportune moment, often implying promptness or appropriateness in timing.

Communicating

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