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You are considering investing in a bank account that pays a nominal annual rate of 7%, compoundedmonthly. If you invest $3,000 at theendof each month,

You are considering investing in a bank account that pays a nominal annual rate of 7%, compoundedmonthly. If you invest $3,000 at theendof each month, how many months will it take for your account to grow to $200,000?

a. 65.52

b. 56.48

c. 66.65

d. 52.53

e. 61.00

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