You Are Considering Investing in a Bank Account That Pays

question 161

Multiple Choice

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

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Definitions:

Approach Techniques

Strategies or methods used by salespeople to initiate contact with potential customers, establishing rapport and identifying customer needs.

Participative

A style of management or decision-making that involves input and active participation from all stakeholders or group members.

First Impressions

The initial perception or judgment formed by someone when they first meet another person or encounter something for the first time, often difficult to alter.

Conservative Clothing

Attire that is traditional or modest in style, often preferred in formal or professional settings.