You are considering investing in a Third World bank account that pays a nominal annual rate of

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You are considering investing 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 will it take for your account to grow to $250,000? Round fractional years up. 

a. 23 

b. 27 

c. 32 

d. 38 

e. 44 


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Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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