(Solved): Determine the principal P that must be invested at interest rate r, compounded continuously, so tha ...

Determine the principal $P$ that must be invested at interest rate $r$, compounded continuously, so that $\$1,000,000$ will be avallable for retirement in $t$ years. $r=15\%,t=35$ Step 1: State the quantities given in the problem. $\begin{array}{c}A=\\ r=\\ t=\end{array}$ Step 2: Substitute the values of $A,r$, and $t$ into the-compound interest formula $A=P{e}^{rt}$. $=Pe$ Step 3: Divide to isolate $P$. Step 4: Simplify to find $P$. $P?\$$ Complete the table for an account in which interest is compounded continuously. See Example 3. (Round your answers to two decimal places.)