Question

You are considering investing in an Emerging Market bank account that pays a nominal annual rate of 18% on dollar deposits, compounded monthly (i.e the account pays [0.18/12]% per month). If you invest $5,000 at the beginning of each month, how many months will it take for your account to grow to $250,000? Round fractional months up.

Answer 1

Answer: About 263 month

Sorry if I am wrong

tell me If I am wrong so I can edit it.

If I am correct hope it helped

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