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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Definitions:

Egocentric

Having an inability to understand or assume any perspective other than one's own.

Preoperational Stage

A developmental stage ranging approximately from ages 2 to 7 during which children begin to engage in symbolic play and learn to manipulate symbols, but do not yet understand concrete logic.

Sociocultural Theory

The concept that cognitive development is heavily influenced by social interactions and cultural practices.