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How many months would it take for account to grow

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Reference no: EM132484983

Question 1: You are considering investing in a European 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 $308,000? Round fractional months up.

Select the correct answer.

Option a. 40

Option b. 42

Option c. 44

Option d. 38

Option e. 48

Reference no: EM132484983

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