You are considering investing in a Third World bank account that pays a nominal annual rate of
Question:
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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Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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