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
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
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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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.
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