Find the principal P that must be invested at rate r, compounded monthly, so that $3,500,000 will be available for retirement in t years. (Round your answer to the nearest cent.) 1 r = 8-%, t = 15 2

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A: we have given P=$42,000,r=234%,t=7A=P1+r4t×4=420001+2316007×4=420001.01437528=62633.737981

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