You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly.If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $150,000?
A) 39.60
B) 44.00
C) 48.40
D) 53.24
E) 58.57

Question

Quizplus · Accepted Answer

The Answer of You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly.If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $150,000?
A) 39.60
B) 44.00
C) 48.40
D) 53.24
E) 58.57

You Are Considering Investing in a Bank Account That Pays