You Are Considering an Investment in a Third World Bank

question 47

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 $170,000? Round fractional months up.

• A) 31
• B) 28
• C) 34
• D) 23
• E) 22

---

Definitions:

Ethics

A branch of philosophy dealing with what is morally right or wrong.

Philosophy

The study of fundamental questions regarding existence, reason, knowledge, values, mind, and language.

Cultural Relativist

A view that moral or ethical systems, which vary from culture to culture, are all equally valid and no one system is really "better" than any other.

Ethical Relativist

Someone who believes that morality is relative to the norms of one's culture, meaning that what is considered moral in one society may be considered immoral in another.