You Are Considering an Investment in a Third World Bank

question 144

Multiple Choice

You are considering an investment 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 would it take for your account to grow to $250,000? Round fractional months up.

• A)23
• B)27
• C)32
• D)38
• E)44

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Definitions:

Aldotetrose

A four-carbon sugar (tetrose) with an aldehyde group as its carbonyl functional group.

Aldohexose

A six-carbon sugar with an aldehyde group at one end.

Fischer Projection

A two-dimensional drawing style used to represent three-dimensional molecules of carbohydrates and amino acids.

D-Glucose

A naturally occurring form of glucose, a simple sugar that serves as a primary source of energy for living organisms.