You Are Considering Investing in a Third World Bank Account

question 78

Multiple Choice

You are considering investing 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 will it take for your account to grow to $250,000? Round fractional years up.

• A) 23
• B) 27
• C) 32
• D) 38

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Definitions:

Reaction

An operation in which different substances amalgamate, producing new variants with altered traits.

Dipropyl Ether

An organic compound that is a type of ether in which two propyl groups are attached to the same oxygen atom.

Cleavage

The breaking or splitting of a chemical bond in a molecule, leading to the formation of two or more smaller molecules or fragments.

Mass Spectrum

A graph or data that shows the distribution of ions by mass and abundance, used in mass spectrometry to determine the chemical composition of a sample.