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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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Solution Summary

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

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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 ...

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