Give only typing answer with explanation and conclusion You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly. If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $325,000? Note that if the final answer is not a whole number, be sure to round it up to the nearest whole number. Select the correct answer. a. 83 b. 81 c. 85 d. 79 e. 89

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.