Investing in a bank account paying a nominal annual rate
Problem:
You are considering investing in a bank account that pays a nominal annual rate of 6.9 percent, 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?
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You are considering investing in a bank account that pays a nominal annual rate of 6.9 percent, compounded monthly.
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