Mr. Alphin plans to invest $250 at the end of each month in an account that pays an annual rate of 9%, compounded monthly. After how many months will the account be worth $80,000? Round your answer to two decimal places.
A)281.60 months
B)105.52 months
C)315.96 months
D)235.26 months
E)163.78 months

Question

Mr. Alphin plans to invest $250 at the end of each month in an account that pays an annual rate of 9%, compounded monthly. After how many months will the account be worth $80,000? Round your answer to two decimal places. ​
A)281.60 months
B)105.52 months
C)315.96 months
D)235.26 months
E)163.78 months

Quizplus · Accepted Answer

The Answer of Mr. Alphin plans to invest $250 at the end of each month in an account that pays an annual rate of 9%, compounded monthly. After how many months will the account be worth $80,000? Round your answer to two decimal places. ​
A)281.60 months
B)105.52 months
C)315.96 months
D)235.26 months
E)163.78 months

Mr Alphin Plans to Invest $250 at the End of Each