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
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
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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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