You Are Considering Investing in a European Bank Account That

Multiple Choice

You are considering investing in a European 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