You are considering investing in a bank account that pays a, Financial Management

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You are considering investing in a bank account that pays a

1. 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 $200,000?

2. A company is offering a diamond ring for sale for 36 months at $135 per month. The retail price of the ring is $3,999. What is the interest rate on this offer? 14.90% 13.13% 12.75% 11.15%.

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