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    Number of months to grow an investment

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    I am stomped on finding the solution to these problems. Please help me figure out how to solve on my financial calculator.

    You are considering investing in a bank account that pays a nominal annual rate of 6.5%, compounded monthly. If you invest $3,400 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 Preview

    Financial calculators vary quite a bit and I am not really familiar with what you are using. I can tell you what inputs to put in. For ...

    Solution Summary

    The solution goes into a great amount of detail regarding the question being asked. Step by step explanation is provided for each part of the question which makes it very easy to follow along for anyone with just a basic understanding of the concepts. Overall, an excellent response to the question being asked.