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
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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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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