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Number of Months Future Value

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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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We are given the future value of annuity, the annuity amount and the interest rate and we are to find the ...

Solution Summary

The solution explains how to calculate the number of months needed for an amount to grow to a desired value.