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 $200,000?

Step-by-step explanation:

This is a problem about compound interest, which formula is:

: Future value. ($200,000)

: Present value. ($3,000)

: Annual percentage rate (APR) changed into a decimal. (7%)

: Numbers of years. (?)

: Number of compounding periods per year (12)

Replacing all given values into the formula, we have:

Therefore, approximately 58 months to grow the account to $200,000.

need more information

step-by-step explanation:

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