Solve by using proper methods. show your work.

determine the principal p that must be invested at 7%, compounded monthly, so that $200,000 will be available for retirement in 15 years?

$70,201.38

Step-by-step explanation:

To determine the principal amount, we can use the formula:

A = $200,000

r = 7% or 0.07

t = 15 years

n = 12

Now let's substitute our values.

So the principal needed to get 200,000 in 15 years is $70,201.38.