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You are considering investing in a bank account that pays a nominal annual rate of 7%,...

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 $205,000?

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Answer #1
Future value $                         205,000.00
Monthly investment $                              3,000.00
Annual rate 7%
Monthly rate 0.583%
Number of months                                        87.43

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