Multiple Choice
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 $310,000?
A) 95.70
B) 90.84
C) 72.18
D) 81.11
E) 93.27
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q15: If we are given a periodic interest
Q38: When a loan is amortized, a relatively
Q57: As a result of compounding, the effective
Q123: If the discount (or interest) rate is
Q126: Starting to invest early for retirement reduces
Q136: A U.S.Treasury bond will pay a lump
Q137: Suppose you inherited $175,000 and invested it
Q143: Suppose a U.S.treasury bond will pay $1,050
Q144: What's the future value of $1,300 after
Q145: Your bank account pays an 8% nominal