Find the Principal That Must Be Invested at the Rate

question 22

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:

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The practice of maintaining cleanliness and grooming of the body to promote health and well-being.

Senior Center

A community facility dedicated to providing various services and activities to meet the needs of the elderly population.

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