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

question 108

Multiple Choice

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

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Definitions:

Sample Size

The number of observations or units in a sample taken from a population for the purpose of statistical analysis.

Width of Confidence Interval

The measure of the precision or uncertainty of an estimation, calculated as the difference between the upper and lower bounds of the interval.

Sample Size

The quantity of collected data points or observations from a population aimed at conducting statistical analysis.

Upper Limit

The highest value that a variable or parameter can assume in a given context.