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[-/1 Points] DETAILS MY NOTES ASK YOUR TEAC Determine the principal P that must be invested at rate r = 8%, compounded monthly, so that

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[-/1 Points] DETAILS MY NOTES ASK YOUR TEAC Determine the principal P that must be invested at rate r = 8%, compounded monthly, so that $500,000 will be available for retirement in t = 11 years. (Round your answer to the nearest cent.) P = $ Need Help? Read It Submit

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