Determine the principal P that must be invested at rate  r = 3 1 2%,  compounded monthly, so that $700,000 will be available for retirement in  t = 13  years. (Round your answer to the nearest cent.) P = $

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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Determine the principal P that must be invested at rate 

r = 3
1
2
%,

 compounded monthly, so that $700,000 will be available for retirement in 

t = 13

 years. (Round your answer to the nearest cent.)
P = $

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