You are considering an investment in a bank account that pays an interest rate of 15% p.a. compounded monthly. You decide to invest $971.09 at the end of each month and would like your account to grow to $50,000. You want to find out how many monthly payments you need to contribute. Answer the following questions, and choose the closest answer from the possible choices:

This question is an example of ___________ (Answer: General Annuities Dues, Ordinary Simple Annuities, Ordinary General Annuities, or Simple Annuities Dues)

Which TVM variable in the financial calculator should be set equal to zero when solving for the number of payments?

How many monthly payments would it require for your account to grow to $50,000?

The investments effective annual rate is __%

If the interest is compounded annually instead of monthly, for how long (in years) can your account grow to $50,000?

If interest is compounded annually instead of monthly, the effective interest rate over one payment interval is __%.