Joey tells Monica that he heard about this great C/D that pays a nominal rate of 18% compounded monthly. He thinks this is a great deal, even though it is from a Brazilian bank and is so it is based in reais. Ignoring FX, if he invests $5,000 at the beginning of each month, how many months will it take to for his account to grow to $170,000? Round fractional months up. Write the Formula to solve.
A). 31
B). 28
C). 34
D). 23
E). 22
Calculating Time Period,
Using TVM Calculation,
N = BEG[PV = 0, FV= 170,000, PMT = 5,000, I = 0.18/12]
N = 28 months
Joey tells Monica that he heard about this great C/D that pays a nominal rate of...
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 $108,000? Round fractional months up. Select the correct answer. a. 23 b. 13 c. 17 d. 15 e. 19
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 $401,000? Round fractional months up. Select the correct answer. a. 55 b. 51 c. 53 d. 47 e. 49