Determine the principal P (to the nearest cent)that will yield a balance of $A = 500,000$ dollars when invested at rate $r = 6.5 \%$ for 40 years, compounded 12 times per year. Round the answer to two decimal places.
A)$973.96
B)$273,927.55
C)$16,025.64
D)$37,398.27
E)$402,834.63

Question

Quizplus · Accepted Answer

The Answer of Determine the principal P (to the nearest cent)that will yield a balance of $A = 500,000$ dollars when invested at rate $r = 6.5 \%$ for 40 years, compounded 12 times per year. Round the answer to two decimal places.
A)$973.96
B)$273,927.55
C)$16,025.64
D)$37,398.27
E)$402,834.63

Determine the Principal P (To the Nearest Cent)that Will Yield A=500,000A = 500,000A=500,000

Determine the Principal P (To the Nearest Cent)that Will Yield $A = 500,000$