You Are Considering Investing in a Bank Account That Pays

question 161

Multiple Choice

You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly.If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $150,000?

• A) 39.60
• B) 44.00
• C) 48.40
• D) 53.24
• E) 58.57

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Definitions:

Respiratory Irritation

The discomfort or inflammation of the respiratory tract, often caused by pollutants, allergens, or pathogens, leading to symptoms like coughing or difficulty breathing.

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Fertilize Farmland

The addition of nutrients to agricultural soils to enhance plant growth and crop yields.

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An oil tanker whose 1989 spill off the coast of Alaska is considered one of the world's worst environmental disasters, causing extensive ecological damage.