Multiple Choice
You are considering an investment in a Third World bank account that pays a nominal annual rate of 18%, compounded monthly. If you invest
$5,000 at the beginning of each month, how many months would it take for your account to grow to $250,000? Round fractional months up.
A) 23
B) 27
C) 32
D) 38
E) 44
Correct Answer:
Verified
Correct Answer:
Verified
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