et iplays dly the remaining time unti the assignment due Assignment Scoring Your

Question

et iplays dly the remaining time unti the assignment due Assignment Scoring Your last subnission is used for your score 6 11 points LarColAlg9 5.5.013 lly Notes + Ask Your Determine the principal p that must be invested at rate r = 4%, compounded monthly, so that $500,000 will be available for retirement in t 5 years. (Round your answer to the nearest cent.) ly Notes Ask Your 2 414 points 1 Prewous Answers LarCoOAlg9 5.2 043 cind tha dnmain of the loaarithmic function. (Enter your answer using interval notation.)

Explanation / Answer

amount = 500,000

rate = 4%

time = 5 years

applying compounded monthly formula

A = P ( 1 + r/12 )^12t

500000 = P ( 1 + .04/12 )^60

P = $ 409503.76

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