Determine the principal p that must be invested at rate r = 3%, compounded monthly, so that $500,000 will be available for retirement in t = 15 years. (round your answer to the nearest cent.)

$2,444.95

Step-by-step explanation:

A = P (1 + r)^(nt)

where A is the final amount,

P is the principal,

r is the rate,

n is the compoundings per year,

and t is the number of years.

500,000 = P (1 + 0.03)^(12 × 15)

500,000 = P (1.03)^180

P = 500,00 (1.03)^-180

P ≈ 2,444.95

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