You Are Considering Investing in a Bank Account That Pays

question 50

Multiple Choice

You are considering investing in a bank account that pays a nominal annual rate of 6%,compounded monthly.If you invest $5,000 at the end of each month,how many months will it take for your account to grow to $200,000? Round fractional years up.

• A)33
• B)37
• C)41
• D)45

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Definitions:

Id

In Freudian psychology, the part of the mind in which innate instinctive impulses and primary processes are manifest.

Allocentric Orientation

A personality trait or perspective characterized by placing the needs, desires, and viewpoints of others above one's own, often linked to collectivist cultures.

Need For Uniqueness

The drive or desire of individuals to distinguish themselves from others through their behaviors, possessions, or beliefs.

Fashion Orientation

An individual's attitude, interest, and knowledge level regarding fashion and trends.