Mr Alphin Plans to Invest $350 at the End of Each

question 69

Multiple Choice

Mr. Alphin plans to invest $350 at the end of each month in an account that pays an annual rate of 9%, compounded monthly. After how many months will the account be worth $50,000? Round your answer to two decimal places. ​

• A) 192.52 months
• B) 57.41 months
• C) 222.83 months
• D) 153.26 months
• E) 97.46 months

---

Definitions:

Alpha

A coefficient used in statistics that represents the level of significance, often denoted as the probability of rejecting a true null hypothesis.

T-statistic

A type of statistic used in hypothesis testing, calculated to compare the mean of a sample to the known mean of the population.

Null Hypothesis

The hypothesis that predicts no relationship or effect between the independent and dependent variables being studied.

Alpha

Alpha, in statistics, is the threshold p-value that determines the critical level of significance at which the null hypothesis can be rejected, typically set at 0.05.