find the principal

Question

Find the principal P that must be invested at rate r, compounded monthly, so that $5,000,000 will be available for retirement in t years. (Round your answer to the nearest cent.)

r = 4%,  t = 45

Answer 1

5000000 = P(1 + 0.04/12)¹²⁽⁴⁵⁾

P = 5000000 / (1.003333333)⁵⁴⁰

Answer 2

P = FV/(1 + r/n)^nt = 5000000/(1 + 0.04/12)^12·45 = $828972.13