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Komok [63]
3 years ago
9

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 $310,000
Business
1 answer:
vlada-n [284]3 years ago
5 0

Answer: 81.1 months

Explanation:

You can use the NPER function on Excel to calculate this:

Rate = 7%/12 months = 7%/12

Pmt = -3,000 to represent the monthly deposit

FV = 310,000

Number of months should be: 81.1 months

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