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guajiro [1.7K]
3 years ago
7

Find the principal P that must be invested at rate r, compounded monthly, so that $1,000,000 will be available for retirement in

t years. (Round your answer to the nearest cent.)r
Business
1 answer:
astraxan [27]3 years ago
6 0

Answer:

$224,174

Explanation:

Note : I have uploaded the full question below :

The Principle P that is required can be calculated from the given data though discounting future cash flows as follows :

FV = $1,000,000

r = 7½%

t = 20 × 12 = 240

P/yr = 12

Pmt = $0

PV = ?

Using a Financial Calculator to input the values as shown above, the PV would be $224,174 . Thus, the principal P that must be invested must be $224,174.

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Explanation:

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sergij07 [2.7K]
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3 years ago
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Also affected are services as, for instance, the people who provided such services might live in or come from the place they provide said service to. Getting into those areas might prove too cumbersome a task thereby limiting Service provision.

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bagirrra123 [75]

Answer:

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