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:

Moon

A natural satellite of Earth, visible mostly at night, influencing Earth's tides and having various phases.

Race Across

an expression that describes a swift, competitive movement or action from one point to another, often found in contests or challenges.

Illusory Conjunctions

Illusory conjunctions are a perceptual phenomenon in which visual features from multiple objects are incorrectly perceived as being combined, leading to errors in perception.

Stimulus

A change in the environment that influences or prompts a response in an organism.