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You Are Considering an Investment in a Third World Bank

Question 47

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 $170,000? Round fractional months up.


A) 31
B) 28
C) 34
D) 23
E) 22

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