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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